Americans say this is the No. 1 threat to their retirement savings—here are 2 ways to prepare

Although inflation in the U.S. has been on a steady decline from its June 2022 peak, Americans say rising costs are the greatest threat to their ability to live comfortably in retirement, according to an October survey from Allianz Life.

A little over 40% of respondents identify "everyday costs increasing" as the No. 1 risk to their retirement income, according to Allianz Life, which surveyed 1,000 people over the age of 25 who earn over $25,000.

Here's a look at the top three factors Americans say pose the greatest threats to their retirement savings. (Respondents could choose more than one.)

1. Everyday costs increasing (42%)
2. Outliving money (35%)
3. Health-care costs (32%)

One reason Americans may be concerned about higher costs eating up their retirement savings or living longer than their savings is because many don't have much stashed away to begin with.

About 36% of retirees have less than $50,000 saved, according to an August CNBC Your Money retirement survey conducted with SurveyMonkey. On top of that, a little over half of survey respondents felt they didn't save enough for retirement and about a third felt they saved just enough.

If you're worried about not having enough stashed away to sustain you during your post work years, there are steps you can take now to prepare. Here are two options to explore.

Contribute enough to receive any employer match

When it comes to retirement savings accounts, around 46% of workers either contribute less than their employer's match or don't participate in their workplace plan at all, according to a June Vanguard report.

But if your employer offers matching contributions to a retirement savings account like a 401(k) or a 403(b), you may be leaving money on the table if you're not contributing enough to receive the full match.

It may seem intimidating to set aside more of your paycheck for retirement, but you don't have to begin contributing a larger portion all at once. You can start by setting your retirement contributions to automatically increase by 1% each year until you reach your savings rate goal. Fidelity recommends a savings rate of 15%, inclusive of your employer's match.

However, make sure you're not going over the retirement contributions limit. For 2025, individuals can put up to $23,500 in their 401(k)s and other employer-sponsored retirement accounts, including 403(b)s and most governmental 457 plans.

Consider delaying claiming Social Security benefits

The earliest you can begin claiming your Social Security monthly benefit is age 62. However, waiting a few years to start tapping those benefits will grant you larger payments.

That's because for every year you wait to claim Social Security between your full retirement age and age 70, your benefit increases by 8%.

"Just waiting a few years gives you a huge boost to your guaranteed inflation-adjusted income in retirement," Anne Lester, a retirement expert and author of "Your Best Financial Life: Save Smart Now for the Future You Want," told CNBC Make It in March. "It really pays to delay."

It can also be useful to speak with a financial advisor who can help you craft a customized plan to meet your goals and live comfortably during retirement.

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