One traditional New Year's resolution is to spend less and save more, and for most Americans that can't happen too soon.

According to the Employee Benefits Research Institute, a private, nonprofit, nonpartisan research organization based in Washington, D.C., only 23 percent of Americans not covered by a retirement plan have calculated what they will need for a comfortable retirement, and 64 percent of those say they have saved less than $1,000, not counting the value of their primary residence.

Many people realize they are not on track in saving for retirement, and the two most important reasons they give for not putting more money away are the cost of living and day-to-day expenses, according to the EBRI 2015 Retirement Confidence Survey.

“Workers still expect to work longer to make up for any savings shortfalls. However, many retirees continue to report that they retired before they expected to due to an illness or disability, needing to care for others, or because of a change at their job,” said Craig Copeland, senior research associate at EBRI and co-author of the study. “Consequently, relying on working longer is not a solid strategy for retirement preparedness.”

“This tracks pretty closely with what is found elsewhere in federal data,” said Steve Blakely, editor and spokesman for the institute. “There's other federal data out there that generally shows people don't have a lot saved.”

“Everybody thinks about retirement, everybody worries about retirement, but those in the lower-income brackets, they just worry,” said David Culp, professor in the School of Business at Slippery Rock University.

Culp said because of income inequality in the United States, some Americans are able to take advantage of 401(k) plans offered at work or the Individual Retirement Account (IRA) option while “those in service-related jobs are depending on Social Security for their retirement.”

“They are kind of living from day to day. They don't have the disposable income, because of the high cost of things such as health care,” said Culp.

Counting on a Social Security check as your sole source of retirement income is very risky, cautioned Wendy Bennett, certified financial planner with Bennett Associates Wealth Management, 101 E. Diamond St.

“There's not a lot of good information out there about the status of Social Security,” Bennett said.

A lack of planning is understandable if not advisable, she said.

“People have their areas of expertise, that they are comfortable with. Mine is finances. But people spend more time planning their family vacation each year than planning their future financial life,” Bennett said.

People could find the complexity of the task daunting, she said.

“It's hard to determine what your needs are going to be. What kind of lifestyle are you living now? Do you envision a similar lifestyle in retirement?” she asked. These are questions people need to be asking themselves sooner rather than later, Bennett said.

“One big factor you have to consider, is it's predicted you will spend as many years in retirement as you spend in your career, 30 to 35 years. Thirty to 35 years of retirement gets expensive. That's a scary thought,” she said.

“You have got to make sure you have the funds to support you in retirement,” Bennett said.

Russell Bicker, 502 Sterling Village, a financial adviser with 30 years of experience, said he's noticed a change in the attitude of people.

“Before, they would get a raise or an inheritance and they would want to invest a little more. Now, whether it's a change in perception or terrorism or what, people seem to be living for today.”

Bennett said the easiest way to put something aside for retirement is through an employer, if the worker has access to a 401(k) or 403(b) program.

Bennett said, “If you have something available through your employer, it's taken out of your pay check.”

Bennett said since contributions are taken from a worker's paycheck before taxes are deducted that means that funding a 401(k) can lower the saver's annual taxable income.

“Employers typically will match employee contributions, anywhere from 2 (percent) to 10 percent,” Bennett said. “Everyone should be putting in enough to get the employer match or you are just leaving money on the table.”

There are many options for self-employed workers, she said and in a worst -case where the employer offers no savings options, the worker can put money into an individual retirement account or IRA, or a Roth IRA, an IRA that is funded with after-tax contributions making future withdrawals tax- and penalty-free.

Bennett said IRAs and Roth IRAs can be purchased from banks, investment firms and financial advisers.

“The saying is to start young and leave it alone,” said Bicker. “People's biggest mistake is thinking it will be easier (to save money) later. Time isn't on your side.”

Bennett added even those with a 401(k) plan or Roth IRA need to be checking on their investments as part of a long-term strategy. Oh, and by the way, better get a long-term plan.

“It should be part of a long-term plan. Define what your goals are. Planning should define what your goals are. Without a plan you never really know if you are doing the right things or if things are performing as they should,” Bennet said. She said the saying goes: Failure to plan is a plan to fail.

The EBRI report states that while 64 percent of Americans feel they are behind schedule when it comes to planning and saving for retirement, this assessment is not based on careful analysis by the individual workers of their individual circumstances.,

“I know I'm biased, but I think it would serve anyone well to chat with a financial adviser to determine goals and learn how to define your own goals,” Bennett said.