Many Americans have not saved enough for retirement, with the shortage expected to grow dramatically over the next 30 years.

The difference between what Americans have saved and what they should be was 28 trillion USD in 2015 and is projected to grow to 137 trillion USD in 2050, according to a study by the World Economic Forum. The difference in the US each year increases by 3 trillion USD.

The organization has calculated this difference, accepting that most people’s retirement income includes a combination of state pension, employer’s pension and personal savings. The level of savings is compared with expected life expectancy and income need, assuming people will retire between 60 and 70 for countries like China, Canada, Japan and the UK.

The difference is most visible in the US, followed by China (119 trillion USD by 2050) and India (85 trillion USD). In total, for the eight countries analyzed, it will reach 400 trillion USD in 2050.

The analysts set out three key factors for shortages: people live longer, more informal working structures (such as freelancing, which may lead to uneven earnings and poor prospects for retirement savings), the growing middle class in which the standard of living and the expected pensions are increasing.

The non-financing of corporate pension plans is also a factor, but to a lesser extent in the United States and the UK, where the company’s pension obligations are subject to rigorous supervision and regulation.

The retirees are expected to outlive their savings for years, especially women. In the US, this indicator will reach 8 years for men and 10 years for women.

Many Americans realize the challenges of saving for a pension. They understand that they have to save a lot, but not all take the necessary measures, such as increasing their contributions. Some workers, especially the younger, say it’s almost impossible to save for a pension after being pressed by more urgent financial needs such as paying a home, student loan, and raising a family

The current pension savings system needs support, and the government is going to make changes to encourage more Americans to prepare for their longer term. Legislators are proposing a legal framework according to which the newly employed will automatically be included in employers’ retirement plans.