A report from the National Institute on Retirement Security reveals 79% of Americans believe there’s a retirement crisis, with 55% worried about achieving financial security post-career. Many struggle to save due to pressing expenses and inflation, making Social Security reliance likely, though it only replaces 40% of pre-retirement earnings.

Vanguard data shows the average 401(k) balance is $148,153, but the median is a more accurate representation at $38,176. Higher earners skew the average balance upward, so saving strategies are crucial for a financially secure retirement.

Tips to boost your 401(k) include reducing major expenses, being strategic with spending, and maximizing employer matches. With the average 401(k) balance relatively low, taking proactive steps now can lead to a more comfortable retirement later on.

Read more at Yahoo Finance: The Average American’s 401(k) Balance May Surprise You. Here’s How to Beat It.