A new book from the CEO of Putnam Investments and Great-West Financial outlines changes in 401(k) plans that can help savers meet their goals. (Photo: Shutterstock)

Despite $26 trillion in U.S. retirement savings, only half of American workers between ages 25 and 64 participate in employer-sponsored retirement plans and 53% of face a substantially reduced standard of living when they retire, according to the new book “From Here to Security: How Workplace Savings Can Keep America’s Promise.”

In addition, Social Security, which is not included in that $26 trillion figure, is facing a shortfall that could lead to a cut of more than 20% in benefits by early 2034.

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