The financial moves that will ensure you do not run out of money in retirement, according to experts

Running out of money in old age is a key concern for Americans preparing for retirement. 

Maximizing the chance of a comfortable retirement is more important than ever, as new research from Morningstar predicts that 45 percent of US households will struggle financially in retirement. 

But making simple moves will ensure that the vast majority of Americans are not left short in their silver years. 

Morningstar found that the best way to ensure a smooth retirement was to invest in a workplace pension. 

The investment research firm said that 79 percent of Americans who invested in a defined contribution plan, such as a 401(K) or 403(b), and did so for at least 20 years, would have enough money for retirement. 

One simple move can be the difference between a comfortable or stressful retirement

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The second move to secure financial wellness in retirement is to find the right time to stop work, CNBC reported. 

The longer you wait the better the odds are of having enough money until the end of your life. 

Some 45 percent of households that retire at 65 will run out of money, Morningstar predicts. 

However, if that age is pushed to 70, the chances drop dramatically to 28 percent.

Social Security benefits, a key pillar alongside a 401(K) for retirement income, kick in aged 67 for anyone born after 1960. 

However, the Social Security Administration will boost the payment by 8 percent for each year beyond full retirement that you delay claiming, up to age 70.

'The model paints a clear picture: Participating in an employer-sponsored defined-contribution plan significantly lowers the risk of retirement shortfalls,' Spencer Look, associate director of retirement studies for Morningstar, said. 

'Our model not only sets a new standard in retirement research, but we'll be able to identify actionable insights for policymakers and plan sponsors to improve product design, all with the goal of helping more Americans reach their retirement goals.' 

The longer you wait to retire the better the odds are of having enough money 

'The main takeaway for young people - or at least a really important thing to highlight - is that if you have access to a plan but don't participate, we definitely encourage you to participate, just saving something is better than nothing,' Look added.  

The report also found that some demographics were more at risk of financial hardship in retirement. 

Some 55 percent of single females may be at risk in retirement, compared with 41 percent of couples and 40 percent of single males, according to the findings.  

Although saving more diligently is advocated for individuals to take control of their retirement plans, Morningstar also said the findings should make the industry sit up and take note. 

'The retirement industry should focus on providing more Americans with access to an employer-sponsored plan and improve participation rates for those who already have access,' the report argued. 

'Plan sponsors should consider adding auto-enrollment and additional features to a plan, such as a student loan match or an emergency savings account, to boost participation.'