One of the more frightening, if under-reported news items of the week as the GAO report that said the average 401k balance of a 60-year old was $160,000. That is horrifying, as that is nowhere near enough to sustain a person through a 20-to-30 year retirement.
The scale and impact of this problem will only get worse as fewer and fewer Americans are on track to receive any kind of guaranteed pension in their retirement years.
There is no way to emphasize enough the need to start prepping in your younger years. 401ks and 403bs should be a regular part of your savings plan, and funded to the max. IRA accounts (held at a respected brokerage company like Schwab or Fidelity or UBS) should be funded annually to the legal limit. Home debt should be paid down.
As hard as it is to save today, it is far harder to generate income late in life.