Planning for retirement should start early if you want to make the most of your golden years. While your 20s aren’t typically the most lucrative decade, building a long-term savings strategy is crucial.

As CNBC reports:

In fact, retirement-plan provider Fidelity Investments says that to retire by age 67, you should have saved 1 times your income — or the equivalent of your annual salary — by the time you turn 30. This means that if you earn $40,508 per year (the average yearly earnings of a 20- to 34-year-old according to Q2 2020 data from the Bureau of Labor Statistics), you should have $40,508 saved by your 30th birthday.

This five-figure sum might seem like a lot, but remember it’s not just counting just cash stashed away in a savings account. Fidelity’s savings guidelines includes the money you have in a retirement account, like a 401(k) or Roth IRA, company matches and your investments in index funds or through robo-advisers.

If you read this and feel behind, don’t get discouraged. You’re certainly not alone if you haven’t saved your annual salary by age 30. According to a 2019 TD Ameritrade survey, 66% of millennials (ages 23 to 38) said they need to catch up on their retirement savings.

The bright side is that, no matter how little cash you have to store away, any bit helps and you don’t need much to get started. Some of the best high-yield savings accounts even allow new account holders to sign up with no minimum deposits or balance requirements in order to start earning interest.

It’s important to find an account with a yield greater than average savings rate and zero monthly fees.