According to the Federal Reserve roughly half of all U.S. families have no money set aside for retirement. Currently, about half of U.S. private sector workers don’t participate in a retirement plan and most of them have lower incomes. The low participation rate is a growing concern because of the widespread shortfall in private savings in the U.S. and modest Social Security benefits for most retirees.
According to the Employee Benefit Research Institute, only 18 percent of U.S. workers say they are “very confident” of having enough money to live comfortably during their retirement years.
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For more information, see CBS News’ special report, Eye on America: Retirement, which explores the changing nature of retirement and how to prepare for the future.
https://www.cbsnews.com/news/why-many-americans-cant-save-for-retirement/