Most Americans want to prepare for retirement but are clueless about what they need to do

Preparing for retirement is top priority for an overwhelming majority of Americans, but only 50% of pre-retirees believe they are well-prepared with a strong retirement plan, according to the results of a Prudential Investments survey of 1,568 adults living in the United States (including 438 retirees).

54% of pre-retirees have less than $150,000 saved in their employer sponsored retirement plan, and the same percent of pre-retirees also said they have no idea how much money they would need to save for retirement. 24% said they need more than a million while 22% said they need less than a million.

The biggest problem Americans face when planning for retirement is ignorance. The survey found 63% of Americans find investing "complex and confusing" and 40% [of pre-retirees] "don't know what to do to prepare for retirement."

The situation looks set only to get worse over generations as 75% of retirees believe subsequent generations will have a harder time preparing for retirement.

Uncertainty also adds to the problem. 51% of retirees were forced to retire earlier than they had initially expected, meaning their retirement income would have to last for longer. More than half of such early retirements were due to "health problems or to take care of a loved one."

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