(NewsNation) — A new study found Americans feel they need $1.5 million in order to retire comfortably. Financial adviser Lynnette Khalfani-Cox joined NewsNation’s “Morning in America” with tips on how to most effectively save for retirement, saying Americans are facing a retirement crisis.

Khalfani-Cox says there are three main aspects to consider when thinking about a retirement fund.

“One part to it is any kind of savings or investments that you might have. Whatever you’ve amassed, and that 401 K plan, maybe if you have some real estate, some rental income from that, then if you have a pension, any kind of guaranteed income stream and annuity,” Khalfani-Cox said. “And then your Social Security check that you’ll get once you hit 62 or older.”

The study found that by generation, Gen Z and Millenials think they’ll need $1.6 million to retire. As a result, they are starting to save earlier.

The typical American began saving for retirement at 31, but among Gen Z, the starting age is 22, Northwestern Mutual found. Millennials started saving at 27.

“Start now. Don’t procrastinate and diversify your investments,” Khalfani-Cox said for younger professionals. “You really want to have a diversified mix of investments and then try to ignore the herd. Don’t get into FOMO and don’t just spend money willy-nilly based on everything you see on the gram.”

For older Americans closer to retirement, Khalfani-Cox says maxing out your retirement account is the best bet.

“If you’ve been making say, 3% contribution, up that to 4% or 5%. Increase it according to the raise that you might get on the job. Avoid, if you can, taking 401K loans or withdrawals unnecessarily because that’ll sap your retirement nest egg, and then yes, knock out that consumer debt,” she told NewsNation.