Newsweek just printed an article saying that 30 million Americans in the 50-64 age bracket have no retirement savings at all. That’s half of all Americans nearing retirement. All they have is Social Security and as of July that averaged only $1,269 a month or $15,228 a year.
A reason for the lack of savings is the Great Recession. Workers who lost jobs not only lost whatever the companies were giving them for retirement, but they dipped into their savings to get along.
So people who expect to retire at 65 will just have to stay in the job market longer.
Oops, just remembered that your odds of getting a job after 60 are about the same as the snowball in a pit of lava.