Among Americans’ various financial priorities, preparing for retirement is one of the top. According to TD Bank’s recent Consumer Index, saving for retirement is important for an overwhelming majority of Americans (88%), yet almost half don’t feel ready for this chapter of life (47%).

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As for why so many Americans are not feeling ready for retirement, there are three main culprits.

The TD Bank survey found that 31% of respondents are not setting aside monthly income for retirement. This is a surefire way to be underprepared for your golden years.

“Retirement in the U.S. has evolved into a system that is largely reliant on personal savings,” said Ashley Weeks, wealth strategist at TD Bank. “Relatively few private sector employees currently have access to a pension and Social Security is facing a solvency problem that could see benefits reduced within the next decade or so.”

With little-to-no financial safety net outside of personal savings, it’s essential to put aside money each month toward long-term savings.

“More than ever before workers are responsible for their own retirement security and failing to save anything could lead to financial hardship in retirement,” Weeks said.

While everyone’s situation is different, Weeks advised aiming to save 15% of earned income for retirement as a general rule of thumb.

“This level of savings tends to work if consistent retirement contributions commence before age 30,” he said. “Workers who begin saving later in life will likely need to sock away a greater percentage of income each month to make up for lost time.”

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Over half of Americans (56%) are not using a retirement account, the survey found. This means that many Americans are missing out on the benefits these accounts provide that could better help them be ready for retirement.

“Tax-advantaged retirement accounts provide additional lift to the task of saving for retirement,” Weeks said. “Workplace plans typically include a matching feature where the employer will add funds for employees who participate. Failing to contribute enough to receive this match is tantamount to leaving money on the table.”

Even if you don’t have access to a workplace plan, you should consider opening a retirement account on your own for the tax benefits — “usually either a deduction at funding with tax-deferred growth for traditional accounts, or tax-free growth and distributions with Roth accounts,” Weeks explained.