A majority of Americans believe that it is more challenging for them to achieve a comfortable retirement than it was for their parents.

Jake Loberg, like many young adults, enjoys spending his money on fun and travel, but he exercises restraint.

The 23-year-old media planner in Fargo, North Dakota, tells CNBC Make It that they always strive to live in the moment and take things one day at a time, often resulting in impulsive decisions such as booking a trip on a whim.

"Balancing my expenses and finding a way to do it regularly is still something I'm working on."

Loberg must work harder to achieve a retirement like his parents' if he wants to retire comfortably.

A comfortable retirement is becoming increasingly difficult for American workers, with 82% saying it's harder or somewhat harder than their parents' generation, according to CNBC's August 2024 Your Money retirement survey conducted with SurveyMonkey.

Loberg's father has been working for a company with an employee stock ownership plan for over 20 years, which has helped him accumulate significant retirement savings. Loberg and his mother plan to purchase a lake house in Minnesota and travel more frequently during their retirement.

"It's unlikely that I'll be able to save as much through my 401(k) and Roth IRA as my dad will have in his ESOP," he says.

Saving for retirement is becoming increasingly challenging, even for young adults with high incomes, due to the rising costs of healthcare and housing, according to Katherine Fox, a financial planner and founder of Sunnybranch Wealth, as reported by CNBC Make It.

Saving and planning for retirement is more challenging for millennials and Gen Z than it was for their parents.

Life costs more than it used to

Millennials and Gen Zers face financial challenges in many significant life events, including going to college and raising kids, which makes retirement seem unattainable, according to Fox.

A recent LendingTree study shows that millennials have a median non-mortgage debt of $30,558 and are the most likely generation to have student debt, with around 38% of millennials having student loans and owing a median balance of $24,112.

Although it is possible to manage paying off student debt while also achieving other financial objectives, such as saving for retirement or buying a house, the monthly payments can hinder borrowers' progress. In fact, research by the Employee Benefits Research Institute shows that borrowers with lower incomes have 36% less saved for retirement than non-borrowers.

High rents and out-of-reach home prices and mortgage rates have made the cost of housing a burden for many millennials and Gen Zers, making it difficult for them to move out on their own.

The advice older people give on saving is often out of touch with reality and can be harmful, making people feel defeated, according to Fox.

Rent and mortgage costs have grown faster than wages, making it challenging to adhere to the common budgeting tip of not spending more than 30% of your income on housing.

Young people feel discouraged when they can't meet the "standard" of housing despite being employed and responsible with their finances, according to Fox. They feel like they have failed when they can't afford to spend 30% of their income on housing, leaving them wondering what the point is.

Younger people need to save even more

Young people are expected to need more money to afford a comfortable retirement due to higher living costs and longer life expectancies.

According to data from the Social Security Administration, life expectancy at birth varies by birth year.

For Americans born in 1950

• Men: 65.6 years
• Women: 71.1 years

For Americans born in 1991

• Men: 71.9 years
• Women: 79 years

If they want to retire in their mid-60s, Millennials and Gen Zers may need to save more starting now.

According to CNBC's survey, about 30% of Gen Zers and 21% of millennials plan to retire before they turn 60.

To retire at the age they desire, many individuals will have to save more money in addition to maximizing their 401(k) contributions, according to Fox.

Both millennials and Gen Zers anticipate needing more than $1.6 million to retire, which is significantly higher than the $990,000 expected by baby boomers, according to Northwestern Mutual's data.

'Life is expensive, but you still need to save'

Fox advises young workers to persist in their efforts, even when they feel insignificant, and to remember that life is costly, yet saving and planning for retirement are still necessary.

Teenagers can begin planning for retirement by investing and considering affordability when choosing a college.

Fox suggests that there are still "creative ways to navigate how expensive life is," and one option is to move to an area with a lower cost of living. Another option is to delay or forgo having children to help with financial planning.

In order to achieve your top goals, you must determine your priorities and be willing to make sacrifices, according to Fox.

To ensure a mostly work-free retirement with a focus on international travel, it may be beneficial to increase income during peak earning years and maximize savings and investments. Alternatively, if you are comfortable with the idea of working longer to maintain a good work-life balance while young, you may be able to reduce your efforts.

Whether it's modifying your retirement goals or altering your investment approach, Fox emphasizes the existence of trade-offs.

Although Loberg is hopeful about his future, he acknowledges that life may present obstacles that could hinder his aspirations.

"I am taking all necessary steps to ensure my future success, but I am prepared to adapt if my circumstances change. Additionally, I find joy in various aspects of my life beyond my career and financial well-being, which I consider the most significant."

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