NBC - A Wall Street Journal analysis found that the average couple nearing retirement has less than 1/4th of what's needed in their 401K to retire at the same standard of living.

The average 401K nestegg: about $150,000. That's enough to generate about $9,000 a year in retirement. Experts say there's a huge lesson here for the next generation.

Experts say $1,000,000 translates into between $40,000 and $60,000 a year in retirement.

According to U.S. News and World Reports, the higher paid workers are the ones most likely to contribute to their 401K's. Experts say many baby boomers have bought too much house, and spent too much on children and their lifestyle.

The key rule for younger workers is to live beneath their means.