While nearly half of people saving for their retirement are failing to put away enough money to sustain them at their current lifestyles once they retire, data indicate that there's the potential for plan design to be enhanced so that it improves the situation.

That's according to MassMutual, which has collected two years' worth of data from its PlanALYTICS program, which the firm uses to measure the relative effectiveness of retirement plans and the retirement readiness of employees who participate in those plans.

According to the data, 45 percent of people aren't saving enough to be able to keep up their present lifestyle once they hit retirement. However, the firm said that if both retirement plan sponsors and employees make changes, many more retirees can be fully prepared financially for the day when they finally leave the workplace.