Saving for retirement is often one of the biggest financial goals for Americans, but many people struggle to put away money for their golden years. In fact, more than 20% of U.S. adults said not saving for retirement early enough was their biggest financial regret, according to a recent Bankrate survey.

There can be many challenges to saving for retirement. Short-term needs often take precedent over saving towards retirement, which can feel like a far-off dream for many. But starting to save for retirement as early as possible will set you up for success later on.

Here’s what else you should know about saving for retirement including some tips on how to get started.

Retirement savings data and statistics

—22% of Americans haven’t contributed to their retirement savings in the past year, according to a recent Bankrate survey.

—29% of Gen Z said they aren’t saving for retirement, the same Bankrate survey found.

—The average retirement balance in Vanguard plans was $112,572 at the end of 2022, but the median balance was just $27,376, according to a Vanguard report.

—41% of U.S. adults said insufficient retirement funds were keeping them from feeling financially secure, according to a Bankrate survey.

—39% of Americans said being unprepared for retirement had a negative impact on their mental health, according to a Bankrate survey.

—21% of Americans said not saving early enough for retirement was their biggest financial regret, according to a Bankrate survey.

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