Nearly a quarter of American workers haven’t contributed anything to their retirement accounts over the past year, according to a recent Bankrate survey.

“Twenty-two percent of American workers said they weren’t making retirement contributions in 2023 or 2022,” the survey found.

Additionally, 25% of survey respondents say they’ve put more into retirement savings since August 2022; 36% say their contributions remain the same; and 17% are contributing less.

Millennials are more likely to report that they contributed more to their retirement accounts over the past year (31%), while only 18% of baby boomers responded similarly.

More than half of respondents (56%) felt they were behind where they should be when it comes to meeting their retirement savings goals, with 37% of respondents saying they are “significantly” behind.

“Retirement savings goals seem to be slipping through Americans’ fingers,” said Bankrate Senior Economic Analyst Mark Hamrick. “Armed with information and financial resources, they can turn this around and gain a firmer grasp.”

While inflation is a likely culprit depressing the savings activity of many, its grip is loosening since wage growth is outpacing the rate of inflation, Hamrick added.

“At the same time, the job market remains tight, and the unemployment rate is still historically low, providing ample opportunity for income,” he said. “Not tomorrow, but now, is the time to prioritize retirement savings for those who are employed or expect to be soon working.”

While financial experts have long cited having at least $1 million as a benchmark for a comfortable retirement, 32% of survey respondents said they need more than that to achieve adequate retirement savings.

Beyond that, one-quarter (25%) of respondents also revealed that they don’t know how much they need to save for a “comfortable” retirement, the survey revealed.



“Baby boomer workers, who are either close to retirement age or are already old enough to retire, are the most likely generation to not know how much they need to retire,” the results showed.

Twenty-nine percent of baby boomers responded as such, compared with 25% of Gen X workers, 24% of millennials and 22% of Gen Zers.