BOSTON, June 7 (UPI) -- A blue-ribbon study has found nearly one in two U.S. families will face a financially grim retirement because of a lack of savings.
The greatest pain will be faced by those born between 1965 and 1972 because they face diminished Social Security income and fewer of them have pensions, the Center for Retirement Research's new retirement-risk index has found.
The center, part of Boston College, also said 43 percent of working households were in danger in 2004 of having too little income to fund their retirement, USA Today reported Wednesday.
"Unless Americans change their ways, many will struggle in retirement," said Alicia H. Munnell, director of the study and a former member of the White House Council of Economic Advisors.
"There is no silver bullet. The answer is saving more and working longer."
