The United States is currently in a retirement savings crisis. While not every American at retirement age is in dire straits, many find themselves with insufficient savings to support their desired lifestyle or handle unanticipated costs. In fact, 1 in 5 Americans ages 50-plus have no retirement savings, and more than half are worried they will not have enough money to support themselves in retirement, according to an AARP survey.
The U.S. government has made efforts to address this issue by reforming regulations to encourage companies to offer more robust retirement plan options and incentivize savers. Although these measures have been modestly successful, some Americans still face challenges saving for their financial future.
