According to a recent survey, more than half of all workers said they were behind on their retirement savings, while only 21% said they were on track. Older workers were particularly concerned they were not adequately prepared — an especially concerning trend given how the pandemic drove more people to early retirement.

More than one-third of U.S. workers have never had a retirement account. A 2021 report by PriceWaterhouseCoopers found that a quarter of adults have no retirement savings, and only 36% feel their retirement savings are on track to meet their goals. The median amount of retirement savings among those 55-64 years old is only about $120,000. That means a person who earns $60,000 annually can count on that level of savings to last for about two to three years in retirement.