There's been a disturbing spike in bankruptcy filings among senior citizens. The Consumer Bankruptcy Project finds that bankruptcies are up a whopping 433% among older seniors and 125% among younger seniors.

We live in an age where seniors still have mortgages as they enter retirement, or they have racked up massive credit card debt during the golden years.

This is obviously not the generation that grew up during the Great Depression -- otherwise they would know how dangerous debt can be and they'd steer clear of it.

When you're 20 or 30, you don't realize that one day you'll retire. Modern medicine has given us longer lives, but the flip side of that coin is that you've got to financially provide for those extra years.

No doubt you've heard this before but it bears repeating: The earlier you save, the easier it will be down the road.

Clark thinks of his daughter in college. When she spoke up in an economics class about a Roth account, she proved to be the only student with any knowledge of a Roth. Talk about a full nerd alert on campus!

In fact, she's been enjoying the "daddy match" on her Roth from the age of 15 when she got her first real job at a restaurant. Clark matches whatever she saves dollar for dollar.

Not everyone is lucky enough to have a father who's obsessed with saving for the future. That's why it's important to hear this message and heed it. Check out Clark's retirement chart if you want to really see the power of saving early.

One final thought: Clark's friend, the syndicated financial columnist Michelle Singletary, recently wrote a column from the heart about how she's heard from retirees burdened with mortgage debt. The takeaway is do not buy more house than you can afford!