Retiring in America- Are You Ready? Many Americans say they are behind when it comes to saving enough for retirement, and a looming shortfall of Social Security funds is making the outlook more gloomy.

More than half — 57% — of Americans who are working full-time, part-time or temporarily unemployed say they feel behind on their retirement savings, according to a recent Bankrate survey.

And 35% feel significantly behind, the survey found, while many Americans are unsure if they’ll be able to retire comfortably at all.

Other insights the survey revealed include:

Around 1 in 3 workers think they’ll need over $1 million for retirement.

23% don’t know how much they’ll need.

53% of Americans who haven’t retired yet expect to rely on Social Security for necessary expenses in retirement, including 28% who expect to be very reliant, Bankrate found in another survey.

But with a looming funding shortfall, the future of Social Security benefits is unclear, and little action has been taken by Congress.

Some 77% of current retirees are reliant on Social Security to pay necessary expenses, the survey found.

When asked about the projected depletion of the main Social Security trust fund by 2033 as predicted, the majority of both non-retired (73%) and retired (71%) U.S. adults say they are concerned about receiving their promised benefits if the fund does run out.

Earlier this year, a federal report stated that the Social Security trust fund is projected to be exhausted in 2033—less than nine years away. Unless Congress intervenes, benefits could be cut by 21%, NPR reported in May. With so many Americans expecting to rely on Social Security after retirement, a cut to benefits could put future retirees’ finances at risk. Retiring in America – Are you ready? Find more retirement planning videos on FinStream at this link: https://www.finstream.tv/videos/retirement-planning/