In a strongly worded speech delivered at the U.S. Chamber of Commerce on Wednesday, Ronald O’Hanley, president of Fidelity Investments’ asset management and corporate services division painted a dire picture of Americans’ readiness for retirement and the implications on future generations.

 “I’m not sure what would be worse — millions of elderly unable to house and feed themselves … or the intergenerational strife that surely would erupt if young people are forced to lower their standard of living to pay for our failure to act in a timely manner to avert this crisis,” O’Hanley said.

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