The 2012 Tax Season is winding down for most of us. Many of us (although not me) have already received refunds. Question: what did you do with yours? Did you set an example and save anything for the future?

In this Mentoring Moment, I want to speak to some of the younger readers of LV (and after the Saturday before last, I know you are out there!). I rely heavily on some work by Emily Brandon that goes back to the Fall of 2011 when she wrote about “Gen Y’s $2 Million Retirement Price Tag.”

There is no question about it, “Twenty Somethings” will need to save much more than their parents did for retirement.

A recent research report by the Pew Charitable Trusts says younger baby boomers and Generation Xers face an uncertain retirement because of reduced savings, high levels of debt, and losses during the Great Recession.

The study found that members of Generation X, who are now between 38 and 47 years old, lost almost half their wealth between 2007 and 2010. Young baby boomers, who are between 48 and 57, lost more money but a smaller portion of their overall wealth. The report says both of those groups are struggling to save enough money for retirement and are lagging older groups in terms of their savings. They also hold more debt than those groups did at similar points in their lives.

Retirement won’t be impossible for Generations X and Y, but they will need