56% of Americans say they're not on track to comfortably retire—how to catch up

A comfortable retirement may simply be spending your days without an agenda. Or it could mean you're still working because you want to, rather than because you need the paycheck.

Regardless of how they define it, 56% of Americans agree they're not on track to retire comfortably, according to the latest CNBC Your Money survey conducted by SurveyMonkey.

It can be stressful to think you won't be financially ready to retire when you're emotionally or physically ready. But it's also not always feasible or advisable to prioritize retirement savings over more pressing goals, like buying a home or having children.

Here's how to tell if you're on track to meet your retirement goals and a few tips to catch up if you're behind.

To see if you're on track for retirement, you first need an idea of when you want to stop working. From there, you can calculate how much money you'll need in order to leave the workforce and live comfortably.

On average, Americans say they'd need around $1.3 million to retire comfortably, a recent Northwestern Mutual study found.

One popular rule of thumb is to have enough put away that you're able to withdraw 4% from your investments each year in retirement. You can do the math on your own to figure out that number, but it's simpler to use an online retirement calculator.

Once you know how much you need to retire, you can figure out what it will take to get there. You may have to increase your contributions or plan to work for a few years longer, depending on your situation. It may also make sense to consult a financial professional.

And remember, the balance you see in your retirement accounts isn't the full picture. If the market takes a dip, you'll likely see your investments drop a bit too. The same is true if the market surges. Making consistent contributions and keeping the money invested as long as you can will help you bounce back from downturns and maximize the gains you see from compound interest.

Despite feeling behind, many Americans have good money habits when it comes to saving for retirement. While only 11% report maxing out their 401(k) contributions, 46% of people say they're contributing as much as they can afford, CNBC's Your Money survey found.

Additionally, nearly a quarter of Americans are taking full advantage of their employer's 401(k) match.

If you're feeling behind, maximizing your contributions to an employer-sponsored 401(k) — to either the 2023 limit of $22,500, or as much as you can afford — is a great place to start. While over half of respondents currently contribute to a company-sponsored 401(k), 41% either aren't making contributions or don't have access to an account, the survey found. 

Regularly contributing to a 401(k) is a good option for tax-deferred savings, because 401(k) contributions primarily come out of your paycheck pre-tax, reducing your taxable income for the year. But don't neglect other retirement accounts, Annette VanderLinde, chief client officer at Liberty Wealth Advisors, a Prime Capital Investment Advisors Company, tells CNBC Make It. 

"Quite often people are saving for retirement on a tax-deferred basis," she says. "You want to make sure that you're contributing as much as possible on an after-tax basis as well, and have assets in both camps."

When you're retired, your 401(k) withdrawals are taxed as income, but withdrawals from Roth individual retirement accounts are tax-free. That's because contributions to Roth IRAs are made with post-tax dollars, and you aren't taxed again in retirement.

Utilizing both can help you maximize tax benefits and avoid a major tax burden in retirement. And if you don't have access to a 401(k), anyone within certain income limits is able to contribute to a Roth IRA. 

You probably can't save too much for retirement, but the IRS does impose limits on how much and who can contribute to different tax-advantaged retirement accounts.

Remember, you can always keep some retirement savings in a taxable brokerage account if you max out your tax-advantaged other options.

Here are the contribution limits for 2023:

• 401(k)s: Anyone with an employer-sponsored 401(k) plan can contribute up to $22,500 in 2023. Those ages 50 and older can deposit an additional $7,500 in catch-up contributions, which can be good to keep in mind if you got a late start or expect your salary to increase as you get older.
• Roth IRAs: Individual tax filers with a modified adjusted gross income under $138,000 can contribute up to $6,500 in total across their traditional and Roth IRA accounts, and those 50 and older can contribute an additional $1,000 catch-up. If you earn more than $138,000 a year, but less than $153,000, you can contribute a reduced amount.

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