American confidence in retirement planning is at an all-time low, dropping from 83% in 2020 to only 70% in 2025, according to the Allianz Center for the Future of Retirement’s “2025 Annual Retirement Study.” The research found that instead of looking forward to their golden years, Americans are more fearful than ever.

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While numerous factors contribute to this fear-based mindset, the most prominent is the ability to save. Only around 55% of Americans are currently saving enough to support their retirement years, with only 48% of millennials, 59% of Gen Xers and 74% of boomers putting enough aside to live comfortably after retirement.

But what additional factors play a role in the growing fear surrounding retirement planning, and what steps can you take to tackle them? Having a plan in place can help restore your confidence and make planning for retirement more successful.

The ability to save enough money for retirement is Americans’ biggest fear, but other factors directly impact the ability to do so. Here are a few.

As healthcare costs continue to increase, they account for a larger portion of many Americans’ retirement savings. Even with insurance, healthcare expenses can make it difficult to save and maintain those savings long-term.

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As the dollar loses its value, retirement savings effectively shrink. Inflation’s devastating impact on purchasing power means retirees must have a larger income to support their lifestyle in retirement.

Volatility in the stock market can wreak havoc on retirement portfolios, causing anxiety for the millions of Americans who rely on their investment income. Uncertainty surrounding the stability of these investments can make retirement planning even more challenging.

While the American economy isn’t currently in a recession, a whopping 62% of Americans cite it as a large concern when planning for retirement. A global or national financial crisis could devastate many retirement portfolios, wiping out a lifetime of savings.

Tackling the fear of having enough saved for retirement can seem overwhelming, but with common-sense solutions, you can help set yourself up for long-term financial success.

Creating a comprehensive retirement strategy that outlines your financial goals, budget and ways to increase your savings can keep you on track and ready when the unexpected occurs.

Having a steady, guaranteed income can offer unmatched peace of mind during retirement. Options like annuities are great, especially when started early.

Researching your healthcare options, such as Medicaid plans, Health Savings Accounts and supplemental insurance, can help you offset large healthcare costs.

Diversifying your assets can protect your savings during market fluctuations and help you maintain a steady income throughout your retirement.

Creating a plan to grow and protect your savings will give you confidence as you plan for retirement. Whether you work with a financial advisor or tackle it yourself, having a sound financial strategy will help mitigate long-term risk for a financially secure retirement.

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This article originally appeared on GOBankingRates.com: The New Big Fear In Retirement Planning Is 100% Legit — How To Tackle It