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CNBC reports that 70% of Americans have less than $1k in their savings accounts and 50% have nothing saved for retirement. Spokesperson for Mint is featured concluding that at 50 you should have 5x annual salary saved, 6x by age 55, and 7x by 60. Unfortunately, it seems that most Americans have a long way to go!
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Given that less than 13 percent of Americans have pensions — though as recently as 25 years ago, that figure was 38 percent — and, for millions of U.S. workers, "the grand 401(k) experiment has been a failure," how will seniors cope? Some expect to rely more on Social Security, Gallup reports, though that was always intended to be a supplement, not a primary source of income.
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