Americans nearing their retirement are receiving a reality check on how much they may actually need to live comfortably, with Schroders finding many have less than the projected $1.2 million.

Wealth! welcomes Yahoo Finance senior columnist Kerry Hannon to talk about the "pre-retirement panic" setting in for many Americans over the state of their savings.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Luke Carberry Mogan.