According to a new survey, nearly 47% of Americans believe that achieving retirement security will take a miracle.
The survey concluded that the one thing contributing the most to this pessimistic outlook was inflation.
84% of the survey participants view recent economic activity as a significant threat to their retirement security.
48% of the respondents said they expect to encounter challenging trade-offs during retirement.
Some cited that they expect to live more frugally than anticipated, and some said they predict they'll have to work during retirement.
Others said they expect they'll have to heavily rely on their friends and family or even sell their home to make ends meet.
Due to inflation, Americans now believe they will need $1.27 million to retire.
On an optimistic note, the U.S. retirement security score has improved to 71% and 52% of Americans say they are looking forward to financial freedom during retirement.
What's important to remember as pre-retirees is that inflation is temporary and it will subside.