A growing share of Americans are worried about retirement, with over three-quarters (79%) saying there's a retirement crisis, up from 67% in 2020, according to a recent report from the National Institute on Retirement Security.

Over half (55%) of respondents said they are concerned about their financial security after retirement, and 73% said inflation has made them even more worried.

With many Americans anxious about their ability to afford a comfortable retirement, 87% said Congress should act now to shore up Social Security funding, and 90% said it should be a priority for the next president and Congress.

Social Security's cash reserves are projected to run out within the next decade and benefits could be reduced by more than 20% unless Congress enacts a legislative fix.

Pensions Could Help Boost Self-Reliance, But Few Have Them

Over three-quarters (77%) of workers said they believe the disappearance of pensions makes it more difficult for workers to achieve the American Dream, and 83% said they thought all workers should have pensions in order to be independent in retirement.

While defined-benefit retirement plans like pensions that are funded by employers and provide retired employees with a monthly income were once widespread, they've largely been overtaken by defined-contributions plans like 401(k)s as the most common type of employer-sponsored retirement plan in private industries.

However, an estimated 56 million workers don't have any kind of employer-sponsored retirement plan, according to a report from The Pew Charitable Trusts. The report also found that those who lacked access to retirement savings plans tended not to save as much.

Pew noted that a shortfall in retirement savings could also affect taxpayers by potentially leading to $1.3 trillion in added federal and state public assistance costs over the next 20 years.