A new report from McKinsey finds that nearly half of Americans nearing retirement say they lack financial sufficiency for their retirement years and only 13% are "retirement ready" in both financial sufficiency and confidence. The report found that a "second front" has appeared for Americans preparing for retirement during tough economic times, and points to the issue of "decumulation," which is the process of converting savings for retirement into a consistent and sufficient stream of income that lasts through retirement.

Based on recent surveys, McKinley analysts said that approximately 47% of U.S. households nearing retirement have not achieved financial sufficiency. "As many as 80% of US pre-retiree households are financially unprepared for a secure retirement," the "From saving to spending: A second front emerges in the US retirement challenge" report said. "Moreover, many prospective retirees feel that they lack assets and the financial know-how they need for a confident retirement." With inflation increasing and a recession possible, employers and consultants can do more to support retirement planning, the report said.