Forbes is reporting on a new study conducted by the National Insitute on Retirement Security forecasting that a modest retirement for the “average” American Middle-class worker is in peril. The study, produced by Diane Oakley, NIRS Executive Director, claims that 4 in 5 American workers are falling short of conservative retirement savings goals, and the same 80% have less than one year’s income with 60% of those having virtually nothing put aside.

There are those in our industry that scoff at the idea that there is, in fact, a retirement crisis, but according to the NIRS, more than 100 million working Americans do not have an employer-sponsored retirement account (DC, DB, and/or individual account) – horrifying!

The typical American needs roughly 85% of their working income to maintain their lifestyle. According to the study, Social Security will only replace on average 35% of one’s income leaving a significant gap that has yet to be filled because of the absence of an employer-sponsored retirement option.