As legislators come to grips with tax reform, budget deficits and Obamacare, retirement security also is coming under scrutiny.

In a recent U.S. Senate committee hearing on retirement security, Sen. Tom Harkin, chairman of the Senate pensions and education committee, mentioned that people are not saving enough for retirement.

"I have said this before, but the retirement income deficit—meaning the difference between what people have saved for retirement and what they should have saved—is estimated to be as high as $6.6 trillion. Half of Americans have less than $10,000 in savings."

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