55% of working Americans feel they are behind on retirement savings

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As it has become more difficult to stretch a dollar at the grocery store and gas pump, some Americans are pulling back on one key long-term goal: retirement savings.

More than half of workers — 55% — said they feel they are behind on their retirement savings, a new survey from finds.

Just 25% of workers have increased their retirement savings this year compared to last year, according to the survey, which was taken in September and included 2,312 adults.

About 34% of workers are contributing the same amount, and 16% are saving less. Additionally, 24% didn’t contribute to their retirement savings last year and are not saving this year either.

Inflation has made it harder to save

The overwhelming reason workers cited for not contributing more is inflation, with 54% of Bankrate survey respondents. That was followed by stagnant or reduced income, 24%; new expenses, 24%; debt repayment, 23%; keeping extra cash on hand, 22%; and market volatility, 18%. Of the remaining respondents, 7% said they don’t want or need to contribute more, while 5% cited other reasons.

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