Fidelity Investments released findings from released its latest Retirement Savings Assessment based on a recent survey of American households. Data collection from 3,596 working households was completed by Versta Research using NORC’s probability-based nationally representative online panel, with responses benchmarked and weighted against data from the American Community Survey and Current Population Survey conducted by the U.S. Census Bureau and the U.S. Bureau of Labor Statistics.

The survey results provide a snapshot into the nation’s retirement readiness based on workplace and individual savings accounts, Social Security benefits, pension benefits, inheritances, home equity, and business ownership. It revealed a decline in retirement readiness compared to 2020 when retirement readiness was at an all-time high. Overall, Fidelity estimates that Americans have saved just 78% of what they will need to cover their expenses during retirement. Millennials, in particular, have experienced the most marked decline.

Full details of the research are available in an 18-page report from Fidelity Investments. The company has also developed an interactive tool for consumers to calculate their own retirement readiness.