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Retirement Savings in U.S. Face Staggering Deficit

Kenneth Quinnell | Economy

Retirement Savings in U.S. Face Staggering Deficit

A new report from the National Institute on Retirement Security ( NIRS ) concludes that the United States faces a staggering retirement savings deficit. America's families are between $6.8 trillion and $14 trillion short of recommended retirement savings targets, it says, according to financial services firms. The Retirement Savings Crisis: Is It Worse Than We Think? finds the typical American family has only a few thousand dollars saved for retirement. Some 80% of working families have retirement savings totaling less than their annual income.

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