Americans Face Alarming Retirement Savings Shortfall as Silver Tsunami Looms

The National Institute on Retirement Security is ringing the alarm on the upcoming silver tsunami.

Most Americans will not have enough money for a financially secure retirement, and they are worried about it, was the testimony of Dan Doonan, executive director of the National Institute on Retirement Security (NIRS), at a hearing before the Senate Health, Education, Labor, and Pensions (HELP) Committee.

Moving away from pensions and the upcoming “silver tsunami” (the term being used to describe the huge number of people approaching retirement age) contributes to a perfect storm of retirement trouble.

“We’re encouraged that the Senate HELP Committee is taking a hard look at the retirement savings shortfall facing far too many Americans,” Doonan said. “The data clearly suggest that we need to rethink our nation’s retirement infrastructure because the current system is leaving the middle class behind. Finding solutions to ensure Americans have access to pensions, defined contribution plans, and Social Security is the best path forward for employers, employees, and the economy.”

In his testimony, Doonan detailed the scope of the retirement savings shortfall.