This week is National Save for Retirement Week, an educational campaign to raise public awareness about the importance of long-term retirement planning.

The program, created by bipartisan Congressional action, encourages Americans to utilize retirement savings and investment plan strategies. The week also encourages individuals to reflect on their current financial situations and their potential for a secure retirement in the future.

Below, some surprising statistics and insights on where Americans stand today, as well as their expectations, fears, and hopes about retiring:

There are varying estimates of how much money an individual needs to retire. One guideline suggests $1 million, while another recommends you save 10 times your last annual salary. But theres no one-size-fits-all approach, and youll have to consider a variety of factors to determine whats best for you and your familylike your age and current annual income, desired retirement age and income, and expected annual pension and Social Security. Then, of course, your personal spending habits weigh in.

There are plenty of retirement calculators available, such as CNNMoneys calculator, AARPs retirement predictor, and SmartMoneys retirement planner. Working with a financial adviser can also help determine how much money youll need.

According to a Life Insurance and Market Research Association study, 49 percent of Americans say they arent contributing to any retirement plan. Those least likely to save for retirement: individuals between ages 18 and 34.

What are Americans doing instead? In another survey by Wells Fargo, planning a home remodel and planning a vacation ranked higher on the list of priorities within the past year than planning for retirement (which ranked third).

Apparently 80 is the new 65 for many middle-class Americans when it comes to retirement. One-third of survey respondents plan to delay retirement till age 80 or older, according to a Wells Fargo study of 1,000 adults with income less than $100,000. Thats up from 25 percent who planned to retire at age 80 during last years survey.

Another study by My New Financial Advisor, a service that connects clients with advisers, suggests the average baby boomer will retire at age 75. Some of the top issues preventing an earlier retirement: loss of income, insufficient savings, low returns, high taxes, past-due taxes, and low wage growth.

According to a Wells Fargo study, 70 percent of middle-class Americans arent comfortable investing retirement money in the stock market. When survey respondents were asked what theyd do if given $5,000 to invest for retirement, only 24 percent said theyd invest in stocks compared to 40 percent who would choose a CD or savings account and another 22 percent who would invest in gold or precious metals.

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8 Surprising Truths About Retirement