DE:
Seventy-five percent of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts.
Almost half of middle-class workers, 49 percent, will be poor or near poor in retirement, living on a food budget of about $5 a day.
To maintain living standards into old age we need roughly 20 times our annual income in financial wealth. I know people with far less than 20X who are living quite comfortably on pensions plus social security, although they also have retirement accounts and occasional income supplements.
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