A new study says that Americans are $6.6 trillion short of the amount they need to retire.
The study says that falling stock values and house prices have squeezed Americans' savings, CNBC reported. Advocacy group Retirement USA commissioned the study and it was conducted by Boston College's Center for Retirement Research.
The $6.6 trillion figure is based on forecasts for retirement and income for American workers aged between 32 and 64.
"The 'Retirement Income Deficit' should be a wake-up call to Americans everywhere," Maria Freese, Director of Government Relations and Policy for the National Committee to Preserve Social Security and Medicare, told CNBC.
The study's authors assumed a 3% rate of return on assets and no further cuts in pension coverage.
"Using other assumptions, it could be much higher," Freese said.
Earlier this week, a study from Milliman Inc said that the funded status of the 100 largest corporate defined benefit pension plans fell by $108 billion in August.