Retirement Crisis Looms as Majority of Americans Lack Adequate Savings and Security

Less than half of Americans are on track to comfortably retire, with only 29% of people on track to cover all of their expenses in retirement, according to a report by Fidelity Investments. The pandemic and ongoing economic uncertainty have been blamed for the retirement crisis, with 55% of 18 to 35-year-olds saying they have been forced to put their savings on hold. The average value of a 401k pot sank by 20% from $130,700 in the last quarter of 2021 to $103,900 in the same period last year, attributed to turmoil in the stock market and inflation. Fidelity recommends workers save at least 15% of their pre-tax income each year and reconsider their retirement plans if falling behind.