The average working household has virtually no retirement savings, according to a new report by the National Institute on Retirement Security.
Taking data from the 2010 Survey of Consumer Finances from the U.S. Federal Reserve, Nari Rhee, manager of research for NIRS, examined the retirement readiness of working-age households.
Her report, "The Retirement Savings Crisis: Is it Worse Than We Think?" analyzed workplace retirement plan coverage, retirement account ownership and household retirement savings as a percentage of income and estimated the shortfall in working families' savings compared to financial industry recommended benchmarks.
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