As the government tries to avert the fiscal cliff, Americans are worrying about what this might mean for their retirement savings.

If the government decreases social security and other benefits as a way to avoid the cliff, middle class Americans could be hit the hardest.

The governmentÂ’s solution could decrease 401(k) contributions by as much as 64% for middle class Americans, according to Brett Goldstein, the director of retirement planning at American Investment Planners.

The possible solutions also may eliminate deductions and imposing tax hikes on families earning an annual income of $250,000.
"Congress should be encouraging Americans to save money for retirement not making it more difficult for them," Goldstein said.

Low-income workers could also be hit hard. They could see a 20% reduction in employer contribution towards their 401(k) plan. This will reduce their retirement savings, as most low-income workers rely on company contributions the most.