Calculate your retirement savings needs with this tool to alleviate American worries.

Numerous Americans are concerned that their saved funds for retirement might not be sufficient to support them during their golden years.

According to CNBC's August 2024 Your Money retirement survey conducted with SurveyMonkey, nearly 60% of retirees express concern about running out of retirement savings.

Nearly 25% of retirees surveyed have no savings set aside, while 15% have less than $50,000 saved.

Worries about running out of money during retirement, which can last 25 years or more after stopping work, are understandable. This article examines the main barriers to saving more for retirement and provides guidance on how to determine how much you may need to amass.

Higher prices are causing people to save less for retirement

Many Americans struggle to save for retirement due to inflation, with nearly 70% saying they haven't been able to contribute as much as they would like, according to a survey from Allianz Life.

Although inflation has decreased to its lowest level since March 2021, down from 9.1% in June 2022, consumers are still experiencing its impact.

"American budgets are being strained by the increasing cost of living, according to Kelly LaVigne, vice president of consumer insights at Allianz Life. Despite a slowdown in inflation, prices have not decreased."

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The cost of housing, which is usually the largest expense for households, has remained high, according to the consumer price index, which tracks changes in the prices of everyday goods and services over time.

Stagnant wages and the shift away from pensions to defined contribution plans have made it more difficult for workers to save for retirement.

How to calculate how much money you'll need during retirement

Saving for retirement can be challenging without a clear understanding of your future financial needs.

CNBC's retirement calculator estimates the amount you should save by considering your age, income, and current retirement savings.

To achieve your retirement savings goal, the calculator suggests setting aside a specific amount each month and maintaining a certain annual savings rate.

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