American workers expect to retire with just $515,000, roughly half of the million-plus figure financial experts recommend, according to a new report from Clever Real Estate, a St. Louis-based real estate company.

The typical worker currently has just $210,000 set aside, and nearly two-thirds (65%) know they are already behind.

As a result, 54% of working Americans worry they will outlive their savings, and 81% are concerned they won't be able to retire when they want to. In fact, nearly 1 in 10 workers (9%) don't think they will ever be able to retire.

Many Americans are saving less than they did in previous years. More than a third of workers (38%) have reduced their retirement contributions in the past 12 months, including 46% of Gen Z and 42% of millennials.

Nearly 1 in 5 workers (18%) have never saved for retirement at all, citing high living costs (48%) and low income (38%) as the most common reasons.

Social Security offers little reassurance, with 66% of working Americans saying they're worried it will run out before they retire. Still, 63% plan to rely on it.

The vast majority of workers (86%) have regrets about their retirement savings, most often starting to save too late (35%). Nearly two-thirds (63%) didn't begin saving until they were at least 30 years old, and 31% didn't start until they were 40 or older.

Although 31% of working Americans wish they'd contributed more to their retirement savings throughout their career, nearly half (42%) don't think their income is high enough to adequately save.

Notably, 89% of homeowners are currently saving for retirement, while just 63% of non-homeowners are doing the same. Working homeowners have $285,000 saved, six times more than non-homeowners ($45,000), and they expect to retire with $600,000 in total savings, compared to $170,000 for non-homeowners.

More than half of homeowners (58%) plan to use their home to fund retirement. However, 87% say housing costs hurt their ability to save, led by property taxes (49%), home insurance (43%), and utilities (40%).

Most workers (83%) worry they'll have to lower their standard of living in retirement, yet the majority won't give up current spending on subscription services (69%), travel (67%), and nonessential shopping (65%), even if it would help them retire more comfortably.

Read the full report at: https://listwithclever.com/research/saving-for-retirement/