The employer-based retirement system is not working well for middle income Americans, Brian Graff, CEO of the American Retirement Association, a Washington-based trade group, said Wednesday at a retirement symposium.
Forty-two percent of Americans have less than $10,000 in total savings and 83% of Americans don’t have a retirement plan, according to recent research by the Employee Benefit Research Institute. Graff adds that 60% of middle income American families aren’t saving for retirement because they don’t have a plan offered through their employer. “You can’t get off the bench if you have no playing field,” he said at the event sponsored by AFS 401(k) Retirement Services in
