With more than 10,000 Americans turning 65 every day, 45% of Americans reporting no savings at all, and of the 55% who have retirement saving, over half report that they have less than $250,000. Given the a person making $40K/year will need to have saved $1M to have a dignified and comfortable retirement, it's clear that America is heading for a retirement crisis.
Ali Khawar is the U.S. Department of Labor's Principal Deputy Assistant Secretary of the Employee Benefits Security Administration (EBSA), which is responsible for overseeing retirement benefits programs for millions of working Americans. He talks about the disparities in retirement savings among different groupings of Americans, and some of the contributing factors. Most significantly, he lays out what the federal government is currently doing to help greater numbers of Americans save more for their retirement years.