What succeeds over time

Last year's whipsaw stock market upended the fortunes of even the most seasoned investors. At the same time, it proved the argument for investing discipline. Our survey found that investors who didn't much change or increased their investments after the market's swoon in October 2008 were more highly satisfied than those who became more conservative.

That discipline bears fruit over time, our survey confirmed. Those who began saving in their 30s had gains in net worth of almost $400,000 more than those who started by their 50s or 60s. Long-range planning allows more aggressive investing, and retirees who told us they used that approach had a median net worth of more than $200,000 over those who were more conservative. Folks with family money or early career success generally had a leg up on others, no surprise. But retirees from all backgrounds credited their traditional defined-benefit pension plan—the kind that pays a set income for life, an increasingly rare benefit—among the best "steps" they took toward retirement.

For those in their 20s and 30s, the advice is clear: Choose a career that has the potential for early financial success or find a job with a secure defined-benefit pension (or both, if such a job exists); buy a home in which to build equity; and invest early and, in those early years, relatively aggressively. Even respondents who started saving in their 40s had, on average, $230,000 more than those who started saving in their 50s or later.

And if that advice seems to come too late for you, there's still hope. Our recommendations in Six steps are geared to people who are still working but are closing in on retirement, though the advice makes sense for people of all ages.