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A new report from McKinsey finds that nearly half of Americans nearing retirement say they lack financial sufficiency for their retirement years and only 13% are "retirement ready" in both financial sufficiency and confidence. The report found that a "second front" has appeared for Americans preparing for retirement during tough economic times, and points to the issue of "decumulation," which is the process of converting savings for retirement into a consistent and sufficient stream of income that lasts through retirement.

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