New Bankrate survey data shows some Americans are feeling behind on their retirement savings. Mark Hamrick breaks down the survey's data on "CBS News Mornings."

A new survey by Bankrate indicates that three in five Americans believe they are not where they should be with their retirement savings. Of those surveyed, 21% feel slightly behind, while 37% feel significantly behind in preparing for the future. Economic difficulties, including the effects of the pandemic and inflation, have contributed to these concerns, with 23% of respondents not contributing to their savings this year.

Experts recommend that individuals, especially younger workers, begin saving as early as possible and take advantage of employer-sponsored plans such as 401(k)s, particularly those with matching contributions. Free resources, including online retirement calculators and consultations with plan administrators or financial planners, are available to help Americans better plan for retirement.

Why some Americans feel behind on retirement savings

If you are feeling behind on your retirement savings, well, welcome to The Majority. A new survey from Bankrate shows three in five Americans do not think they are where they should be. Now, of that group, 21% feel slightly behind, while 37% feel significantly way back on their savings for the future. Mark Hamrick is the Senior Economic Analyst and Washington Bureau Chief of Bankrate. He joins us now from Maryland to talk about this. Good morning, Mark. That doesn't surprise me, the results I just laid out, but what were some of the major takeaways that jumped out at you from the survey? Good morning, good to be with you, Errol. Whether one is surprised or not, whether one is very much dialed into this issue or not, I think that this is a call to action, essentially, for American workers, because as the survey indicates, a majority of American workers say they feel behind where they should be with their retirement savings. So doing nothing really is not an optimal solution, and just being aware, number one, of this issue helps to lead to action. So it is concerning that people who are more senior, those who are approaching retirement more imminently, do tend to have a greater sense of urgency that they are more behind, but I would say part of that, obviously, is they're beginning to do the math and understand they have more work to do. Yeah, let's give people some advice, then. Because the survey shows 23% of Americans aren't contributing to their savings this year at all. What might be driving that, and what is a good starting point for those folks? Yeah, first of all, we know these are challenging times economically. We've been hammered by the pandemic, and then historic inflation, elevated prices arising from that, elevated interest rates from that, and the uncertainty that's associated with everything going on in the economy. So what to do, first of all, for the youngest workers out there? By all means, begin to save, if you haven't already, to take advantage of a 401k match that your employer provides through a 401k employer-sponsored plan. Use those tax advantage accounts that Uncle Sam essentially has set these up to help you save before taxes, and therefore, when you withdraw down the line many years from now, you'll have to pay taxes on that. I would advise, first of all, working with a fee-only financial planner. If you're contributing to a 401k plan, there's a plan administrator that you can call. You might even have an office in the town where you work. You can go and have a free consultation. Bankrate.com, where I work, has online retirement calculators, very easy to use, and they can help you to get a more concrete idea about how much you need to save. Yeah, people may be surprised at how many free options are available to them as we speak, and as you mentioned, a free 401k match from your corporation. It's free money, folks. Don't leave it on the table. Mark Hamrick, phenomenal update. Thanks for being with us today. Thank you.

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