Retirement is in peril for most working-class Americans cautions a new report by the National Institute on Retirement Security
Oakley (NIRS Executive Director) says causes of the retirement savings shortfalls include fewer workers having stable and secure pensions and the replacement of workplace pensions with 401(k)-style defined contribution accounts which provide less savings and protection
NIRS says while the typical American needs 85 percent of their working income to maintain their standard of living in retirement, Social Security provides only 35 percent