Special Report: Savings Shortfall
Updated: Thursday, February 6 2014, 11:34 AM EST
Research shows Americans aren't saving enough for retirement. It's a problem the president addressed in his state of the union address, proposing a new My-RA. It's designed to help people get started with savings early in life if they don't have access to a pension or employer sponsored retirement plan.
Boston College's Center for Retirement Research estimated 53 percent of American's won't have enough money to maintain their lifestyle in retirement. The National Institute on Retirement Security puts the shortfall at a staggering $6.8 trillion or higher. More than half of workers do not have retirement plans at work, according to the white house.
But people trying to save for retirement say it's "nearly impossible" because of debt, rising prices and low wages. On Track Financial in Asheville says too many people are struggling with too few jobs and can't find room in their budgets to save.
By Frank Fraboni