As for what people should do with that saved money, Hobson said that depends on age and income. The more disposable income someone may have, the more they should invest. When those investments build and people have more money to invest, they can take a few more chances than the average, she said.
The younger a person is, the more their money should be invested in stock or stock mutual funds, and less in bonds and cash, she said, explaining that stocks are the best way for an investor to grow his or her money.
As people become older, they should take fewer risks, she said. Older investors should think about saving more in cash and bonds and less in stocks, she said.
Of course, each person's situation will be different, she said, but added that as a general rule, people who are just starting out should put 80 to 90 percent of their money in stocks, no more than 10 percent in bonds, and the rest in cash -- enough to cover six months worth of living expenses.
Investors in their middle years should make 60 to 80 percent of their savings in stocks, 20 to 40 percent in bonds and up to 10 percent in cash. As people come closer to retirement, they should put about 40 to 60 percent of their money in stocks, 40 to 60 percent in bonds and up to 20 percent in cash.
Partners should discuss how each views retirement, she said.
As a rule of thumb, couples need about 80 percent of their annual income to live comfortably in retirement, she said. That means their level of savings will determine how early they can retire.