Simply knowing what’s needed isn’t working. A recent study by the Federal Reserve Board shows that 31 percent of workers have no retirement savings or pension. Despite 69 percent of respondents having some sort of savings, they’re not exactly prepared. According to the National Retirement Risk Index, published by Boston College’s Center for Retirement Research, 52 percent of households in the U.S. face the likelihood of not being able to maintain their current standards of living into retirement.

Plenty of studies indicate that neither workers nor retirees are well prepared for retirement. An Employee Benefit Research Institute (EBRI) and Greenwald & Associates study in February 2015 reveals nearly 57 percent of “early boomers” are on track with their retirement savings, but in reality, many are facing an average of $71,299 in savings shortfall per family. Single boomers are going to see a larger deficit—boomer males will need an additional $93,576 and boomer females, $104,821 extra.

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