Americans are unprepared for retirement, research finds

Fidelity: Americans are on track to save 78% of the money they'll need
Experts suggest using a financial planner to determine how much to save
Prioritize retirement savings when making a household budget

Updated: Apr 17, 2023 / 11:42 AM CDT

(File: Getty)

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(NewsNation) — Americans are less prepared for retirement than in previous years, according to a new survey from Fidelity.

Americans are estimated to have just 78 percent of the money they should have saved for retirement, according to the survey, and more than half of Americans could be forced to make significant lifestyle changes in their retirement years if they don’t make up the shortage.

Factors cited have included reduced savings as Americans deal with inflation that continues to push the cost of essentials, from gas to groceries, higher and higher even as wages don’t keep up. Recent research found 60 percent of Americans are living paycheck to paycheck, making it harder to save.

Experts say the first step to retirement planning is to understand what you need to plan for. That includes understanding life expectancy and projecting what the cost of living might be in your golden years, something a financial planner can help with.

Once you’ve figured out how much you need to put aside, figure out a retirement plan that works for you, whether that’s a 401K offered by an employer or a personal retirement account and prioritizing your financial goals when making a budget.