Americans have enough to retire - if they have savings plan at work

Washington

WITH traditional pensions on the wane, wages for typical workers flat-lining and many people living longer, it is no secret that Americans face an ever-increasing challenge to achieve financial security in retirement. Most are not meeting the test. The Center for Retirement Research at Boston College estimates that 53 per cent of households are at risk of not being able to maintain their standard of living once they retire.

But many investment managers argue that financial security is actually within reach for most Americans, if only they took some simple steps - and stuck with them. It may seem like a self-serving declaration for an industry that makes billions managing trillions in retirement savings. Yet a survey released on Monday by Empower Institute, a newly launched research arm of the nation's second largest retirement services provider, Empower Retirement, makes the case.