According to a new study by GoBankingRates, nearly 3 in 10 Americans say they have not one penny saved for retirement.

The study of 1,000 adults showed that 28% have nothing saved for retirement, 39% do not contribute to any form of retirement fund, and 30% do not expect they'll be able to retire.

"The statistic that 30% of Americans have $0 saved for retirement is alarming but not surprising," Principal Preservation Services founder and owner Mike Kojonen said. "Through countless consultations, I've observed a prevalent lack of awareness about the cost of retirement and a significant underestimation of how much needs to be saved."

The study also found that 25% of respondents think they can retire with less than half a million dollars in savings. When broken out by demographic, the older age brackets fare only slightly better than the 18-24 demographic.

Titan Funding president Edward Piazza told GoBankingRates that a contributor to the large portion of the country having no retirement could "inadequate access to retirement savings plans, especially for those in gig or part-time employment."

"While alarming, the statistic that nearly 30% of Americans have zero dollars saved for retirement does not surprise me. This highlights a widespread financial literacy gap and underscores many challenges in balancing immediate financial needs with long-term savings goals," Piazza continued. 

According to the Social Security website, full benefit expenditure is expected to run out in 2037, at which time taxes will either need to be increased or recipients can expect to receive only 76% of their scheduled benefits. 

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