Most Americans 'nowhere near' meeting their necessary retirement savings figures

According to an report from Delaware Online, the days of Americans filing for Social Security, receiving a gold watch and relaxing during retirement seem to be a thing of the past.

The article explains that most Americans today will struggle to pay for shelter, food and medical care, which will leave little behind for leisure, travel and comfort.

The report relays that only 4 percent of married couples in the middle-income bracket without an employer-provided pension will have enough money to last the rest of their lifetime. In addition, 51 percent of households with adults between the ages of 55 and 64 will be presented with lower living standards during retirement.

The article references a report from 2004, which revealed that more than half of all U.S. households have not yet saved a penny in their 401(k) retirement accounts, while the median 401(k) balance was just $34,000. Experts expect these figures have since declined following the recession.

The president of one major investing firm recently concluded that "a big chunk of this country — almost half — doesn't have enough saved," the article relays.

As a result, the importance of meeting with a financial advisor to plan for retirement cannot be overstated at this point, according to the article.

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