New Report Finds Nation's Retirement Crisis Persists Despite Economic Recovery

The retirement savings levels of working age Americans remain deeply inadequate despite economic recovery, according to a new study by the National Institute on Retirement Security . The analysis of U.S. Census Bureau data found, among other things, that the median retirement account balance of all working individuals (not just individuals with retirement accounts) is $0. Even among workers who have accumulated savings in retirement accounts, the typical worker has a balance of $40,000. Furthermore, some 68 percent of individuals age 55 to 64 have retirement savings equal to less than one times their annual income, far below what they will need to maintain their standard of living over their expected years in retirement. The study also found that 57 percent (more than 100 million) of working age individuals do not own any retirement savings account assets.