A whopping 38 million Americans – 45% of working-age people – lack any form of retirement account such as an individual IRA or employer sponsored 401(k)-type plan, according to a report from the National Institute on Retirement Security (NIRS) in Washington.
“The first place where people get access to retirement savings vehicles is in the workplace,” explains Nari Rhee, NIRS Manager of Research and author of the report The Retirement Savings Crisis: Is it Worse Than We Think? “And that’s where the problem originates. In the workplace only about half of workers actually work for an employer who sponsors a plan.”
