MIAMI (CBS4) – For more and more workers, 401K plan savings are what they will have to rely on for their retirement.

But according to a new survey, an alarming number of baby boomers have not faced up to that reality.  Because of that a growing number of aging baby boomers will be facing some tough retirement choices. With Social Security projected to see a possible shortfall, rising prices and stalled pay checks, retirement planning is more critical than ever.

A CBS News poll found that one out of every four people over the age of 46 have no retirement savings at all. Some financial planners now recommend investing as much as 12-percent of personal income to a personal retirement plan; to the maximum of $16,500 per year. For anyone earning more than $50 thousand a year, contributing the maximum amount for forty years would make it worth about two and a half million. A 20 year plan, however, would only be worth about $360 thousand, so it pays to start early.

Another incentive for putting money into a personal savings account is that those contributions can help you reduce your yearly tax bill.