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For adults, there are now some financial goals that are more pressing than filling their savings.

According to the most recent Financial Wellbeing Survey from First National Bank of Omaha, by 2022, only 17% will make retirement savings their top financial priority. Nearly half of respondents (46%) said they had less than $15,000 in savings for retirement.

Additionally, 59% worry they won’t be able to retire at 65.

The survey was conducted among more than 1,000 U.S. adults in February and was weighted by population.

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So what are people paying more attention to financially this year? About 40% said increasing retirement savings was their main goal, while another 30% said paying off debt.

“While this is a key factor in your financial situation, prioritizing retirement planning depends on where you are in the retirement cycle, how much savings you have, and your personal circumstances with employment, debt, etc.,” Sean Baker said. Executive Vice President of Retail at First National Bank of Omaha.

Retirement planning is a pressing issue for many workers, as research consistently shows that many have little to no savings during their prime years. Because companies offer fewer traditional annuities, retirees often have to rely on Social Security and their own savings to fund retirements that can span two to three decades.

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According to a report by PricewaterhouseCoopers, about a quarter of U.S. adults have no retirement savings at all. Among retirement savers, the average 401(k) balance for ages 55-64 is – i.e. H. Those typically nearing retirement status — $84,714, according to Vanguard’s latest How American Saves report.

Generally, according to Fidelity Investments, if you plan to retire at age 67, it is recommended that you save 10 times your annual salary.

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While it can be difficult to balance retirement planning with other financial priorities, it pays to save as much as possible, says Kathryn Hall, a board-certified financial planner with David Investment Advisors in Aiken Wilson, South Carolina.

“One way to handle needs is to commit to putting an amount, no matter how small, into a 401(k) or [individual retirement account],” Hall said.

If you can’t, “start with any amount of irregular deposits you can save,” she says. “Every little bit helps.”

For 401(k) plans, contributions are capped at $20,500 in 2022, with an additional $6,500 “back-up” for those over 50 ($27,000 total). For an IRA, whether it’s a Roth or a traditional IRA, the qualifying contribution limit this year is $6,000, plus an additional $1,000 if you’re 50 or older (for a total of $7,000).

The First National Bank of Omaha survey also showed that 30 percent of respondents felt their overall financial health was better than they were before the pandemic, and 44 percent said roughly the same.

About one-third (34%) said they believe their credit history is affecting their finances.

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