A recent study by Morning Consult shows that nearly half of U.S. adults aren’t saving for retirement while two-thirds don’t receive any retirement advice from a professional.

But it’s never too late to start saving. Josh Jalinski, the author of "Retirement Reality Check: How to Spend Your Money and Still Leave an Amazing Legacy" joined The Final Round to offer advice on how we should tackle retirement.

“Save 15% of your income. But reward yourself every year with a trip,” Jalinski says. “I like to enjoy my money, but I want to save 10% to 20% of my income, too.”

With limited funds, it can be difficult to decide whether to spend or save. “People are spending way too much money on stupid stuff,” Jalinski said. “You should try to cut out things like Netflix, Uber and Lyft.” Those $10-$20 expenses add up. Instead of spending money on things you may or may not need, put that money towards your retirement so you can spend money on the things you really want later on in life, Jalinski adds.

But how are we able to spend and save money now if we also want to leave an amazing legacy? “Max out your retirement plans,” says the retirement expert. Jalinski says that the earlier you max out your retirement plans, the better.

Jalinski points out that when you die, up to half of your retirement money goes to the government because it has never been taxed. “So we're telling people consider your retirement plan now,” Jalinski said. “Sock away money in tax favored accounts… That way when you're retired and you're on a fixed income, you don't have to worry about taxes.”

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.