But for many people, saving for retirement actually should be fairly low on the financial priority list - well behind the more immediate goals of building a rainy day fund and reducing their consumer debt.

That is evident in new research by the Pew Charitable Trust examining causes and impacts of financial shocks that hit Americans. A Pew survey of more than 7,800 households found that most households have failed to build enough liquid savings outside retirement accounts to respond to emergency needs.