Most non-retired Americans doubt they will ever have enough money to live comfortably in retirement, according to a Gallup poll.

But Allianz Life Insurance Co., offered a series of tips to help.

Jasmine Jirele, the vice president of market management and product innovation for Allianz, said it begins with creating a strategy, and this may require professional assistance from a financial advisor. Nearly 60% of employees don't even know how much they need to save for retirement, according to the Employee Benefit Research Institute’s annual retirement confidence survey. That survey found that 44% of employees have tried to calculate how much money they will need to save by the time they retire and an equal proportion guess at how much they will need.

"A lot of people think that it's too early or even too late for them to start saving for retirement," Jirele said. "But now, more than ever, people need to take action in order to have a more secure future."

Young employees who begin saving early gives their money more time to multiply, but there are also ways for older employees to increase retirement savings. Allianz said older employees can work longer. According to the Social Security Administration, for individuals born before 1943, each year beyond age 66 that they delay collecting Social Security adds 80% to their benefits.

Regardless of age, Allianz said individuals need to increase their monthly contributions to their 401(k) plans. Having money invested now will help you build a larger nest egg for retirement as the markets continue to improve.

Beyond the 401(k), individuals can consider other investment options such as mutual funds, Individual Retirement Accounts, bonds and certificates of deposit.

"Some workers may also want to consider an annuity for a portion of their retirement portfolio," Jirele said.

Allianz said most employees underestimate their needs. According to a McKinsey & Co. study, the average American family will fall 37% short of the income needed to maintain its standard of living during retirement.

"One mistake people make when they try to calculate retirement needs," Jirele said, "is that they don't take inflation into account."



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