According to a recent Bankrate survey, young Americans, including Gen Zers (ages 18 to 26) and millennials (ages 27 to 42), have mixed feelings about their ability to reach their retirement savings goals. While about 45% of both groups feel they are on track or ahead in their retirement savings, nearly half believe they are slightly or significantly behind where they should be.

It is crucial for young people to prioritize saving for retirement, even if they need to stretch their budgets. Starting early allows their funds to grow through the power of compounding interest. On average, Americans believe they will need over $1 million to retire comfortably, as per Bankrate's findings. They also plan to retire at age 65, according to Northwestern Mutual's "Planning and Progress" study.

With this in mind, CNBC has calculated how much individuals would need to save each month to retire with $2 million at 65. The calculations are based on starting ages of 21, 25, and 30, assuming a beginning balance of $0 and not accounting for life events or market volatility.

The calculations consider different levels of annual rate of return, ranging from 3% to 10%. For instance, with a 3% annual rate of return, the recommended monthly savings range from $1,822 to $2,690, depending on the starting age. In terms of annual salary needed to reach a savings rate of 10% and 15%, figures vary from $25,114 to $322,833, respectively.

Experts generally recommend saving 15% of annual income for retirement. Therefore, CNBC also provided income amounts needed to achieve a savings rate of 10% and 15%, depending on the rate of return.

While not everyone aims to retire as a millionaire, it is essential to have an idea of the amount needed to cover expenses after retirement. CNBC offers a retirement calculator, which considers factors such as age, savings, and income, to help individuals determine the appropriate savings goal.

It's important to note that starting with an achievable savings amount, even if it doesn't reach 15% of income initially, is acceptable. Consistency and finding a savings strategy that works for each individual are key to reaching retirement savings goals, according to Fidelity.

Fidelity's March Viewpoints report emphasizes the power of time in long-term saving, stating, "The earlier you begin saving and investing, the lower your savings rate can be throughout your career thanks to the power of compounding."

In conclusion, young Americans hold mixed views on their retirement savings goals, with some feeling confident while others believe they are falling behind. Starting early and consistently saving is crucial for building a comfortable retirement fund. CNBC's calculations provide insight into the monthly savings and income needed to achieve a $2 million retirement goal at age 65, depending on the rate of return.