Economists who argue that there is no retirement income crisis are missing the point. The crisis is not today, it is 20 years in the future.
But the time to act is now, before it's too late.
Every day, millions of Americans go to their jobs, work hard, and play by the rules to pay the bills and put food on the table each night. But they often struggle to then find any way to save for retirement.
Currently, almost half of all American families do not have any retirement savings. That's a time bomb waiting to go off, putting families across this country in jeopardy for generations and placing our economy at risk.
The challenges are clear: More than one-third of all private sector workers do not have access to a workplace retirement plan. Projections show that 44 percent of Baby Boomers and Gen Xers risk running short of funds for retirement. And 40 percent of American adults would be unable to come up with $400 for an emergency expense account, without borrowing money or selling a possession.