Retirement years look poor for millions

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WASHINGTON, Oct. 20 (UPI) -- Nearly a third of U.S. households have wage earners headed toward retirement years with no savings, private researchers McKinsey & Co. said.

The consulting firm's findings are compatible with a report by Ernst & Young that says only 4 percent of middle-income married couples with no pensions are approaching retirement with enough funds tucked away to finance their retirement years, USA Today reported Tuesday.

Retirement USA, a coalition of national organizations, is seeking solutions to the national problem of having millions of U.S. citizens reach retirement without financial security.

For some, the solution includes finding additional support for 401(K) retirement plans, despite the stock market meltdown of the past year that reduced the values of millions of retirement portfolios.

"We're not under an illusion that this will happen overnight," said Karen Friedman, policy director of the Pension Rights Center, referring to a national effort to find a solution to the "retirement crisis," the newspaper said.

"I feel we're watching a slow-motion train wreck. It's pretty clear that with the current trend, the country's Baby Boomers and the next generation will not have enough money to retire," said Steve Bartlett, president of the Financial Services Roundtable, a lobbying group in Washington.