Last month, there was quite a stir around this article that claimed "Millennials Are Spending More on Coffee Than on Saving for Retirement." A week later, Forbes did some fact checking on its own to determine if this claim was real or fake.

While the full claim couldn't be disputed entirely, Andrew Biggs concluded that while it was possible, it was pretty unlikely. Moreover, he found that, "according to data from the Survey of Consumer Finances, relative to their earnings Millennials have 18 percent more set aside in retirement accounts than Gen-Xers did at the same age."

But all of this focus tends to miss the most important point.

The Better Question to Ask

I asked Lowell Crabb, certified financial planner and founder of Drive Wealth Management, to help put this a little more into perspective. He said, "Instead of joining the coffee debate, maybe what you should ask yourself is how much money do you need to save as a Millennial, starting right now, in order to have a comfortable retirement?"

I couldn't agree more! In my interview with Tony Robbins on "How to Retire Rich," we talked about the core four principles, which I recapped in my previous Inc. article. What is surprising to me is that most people haven't decided on the No. 1 most important financial decision in their life: what percentage of their salary they will take off the top and set aside. Without automating your savings and paying yourself first, your chances of retiring in financial comfort are extremely low.

The fact that enough people believe that Millennials could spend more on coffee than save for retirement is enough to point out that all of us--not just Millennials--are not saving nearly enough to retire with the kind of lifestyle to which we have grown accustomed.

So if you were drawn in by a headline that read, "Millennials Are Spending More on Coffee Than on Saving for Retirement," then ask yourself if this was because this topic hit a bit too close to home. If so, chances are you haven't automated your savings regardless of what generation you belong to. While it's always better to start earlier, I'm reminded of the old Chinese saying, "The best time to plant a tree was 20 years ago. The second best time is NOW!"

If you realize you're not saving nearly enough to retire comfortably, then don't just Like or retweet an interesting article title--do something about it. One action you can take right now is to order a copy of Tony Robbins's book Unshakeable. This will help you think through your own financial psychology and get you on the right track toward a comfortable retirement--even if it means making some important changes, like eating out less and buying fewer expensive cups of coffee in the meantime.