CNBC’s International Your Money Financial Security Survey polled about 500 people each in nine countries. Of the 498 people surveyed in the U.S., more than half (53%) said they’re behind schedule in retirement planning and savings. The poll was conducted by SurveyMonkey.

“I think most Americans do struggle to save enough for retirement,” said David Blanchett, a certified financial planner and head of retirement research for PGIM, a money manager.

As part of its National Financial Literacy Month efforts, CNBC will be featuring stories throughout the month dedicated to helping people manage, grow and protect their money so they can truly live ambitiously.

For many families, money held in individual retirement accounts and 401(k)-type plans are a “key determinant” of future retirement security, according the according to the U.S. Federal Reserve’s Survey of Consumer Finances.

Just 54% of Americans had a retirement account as of 2022, according to the SCF, which is published every three years. Their typical balance was $87,000, as measured by the median value.

The picture isn’t much different for those who are on the precipice of retirement. To that point, the typical 55- to 64-year-old had saved just $71,000 in a 401(k)-type plan as of 2022, according to Vanguard Group data.

“Most Americans are going to need to save for retirement,” Blanchett said. “Yes, you can live off Social Security. But that’s probably not going to replace your pre-retirement standard of living.”

Households shoulder competing financial choices

Ample competing financial priorities can make it challenging to save for old age.

Sometimes, especially for lower earners, there’s a choice between survival today and ensuring for a good standard of living in the future, Blanchett said.

In 2022, households in the bottom 25% by wealth had a $3,500 median net worth, according to the SCF. By comparison, the top 10% had a $3.8 million net worth.

Households across income and wealth spectrums may simultaneously be trying to set aside money for financial emergencies, college savings, and buying a car or home, for example.

Read more @cnbc