A recent study found that 56% of Americans are not on track to retire comfortably, with predictions that 45% of U.S. households will run out of money during retirement. Another report suggested that contributing to a workplace retirement account for at least 20 years can increase chances of fully covering retirement expenses.

Timing retirement correctly can significantly impact financial stability, with a decrease in the risk of running out of money during retirement from 28% at age 70 compared to 65. Workplace retirement accounts play a crucial role, with 79% of contributors potentially having enough to fund their retirement.

For individuals without access to employer-led retirement accounts, contributing to an individual retirement account (IRA) is an alternative solution. By maximizing annual contributions, currently set at $7,000 for those under 50, individuals can increase their chances of achieving a fully funded retirement.

To ensure a comfortable retirement, experts recommend setting specific financial goals, saving between 55% to 80% of current income, and delaying retirement to maximize Social Security benefits. Creating passive income sources, such as dividend stocks or rental properties, and investing wisely in vehicles like index funds can also enhance financial security in retirement.

Read more at Yahoo Finance: This Money Move Virtually Guarantees Your Savings Will Last Through Retirement