by Addison Wiggin, Daily Reckoning.com.au:
Already, the media drumbeat about “America’s retirement crisis” — laying further groundwork for a mandatory savings plan — is becoming deafening. You can barely swing a cat without running into a headline like, “Retirement Shortfall May Top $14 Trillion.” That was in U.S. News & World Report in June.
“Just 40% of Americans who worked in 2011 participated in an employer’s retirement plan,” says a recent BusinessWeek article, citing figures from the Employee Benefit Research Institute.
“The average working household has virtually no retirement savings,” says a recent report from the National Institute on Retirement Security. “When all households are included — not just households with retirement accounts — the median retirement account balance is $3,000 for all working-age households and $12,000 for near-retirement households.”
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