Writing in The Hill, Robert Stammers of the CFA Institute warned that “a real retirement crisis is still impending” that could create “a generation of retired poor.”

In support of his view, Stammer points to recent work by the Government Accountability Office which, Stammer stated, “paints a very bleak picture” of the U.S. retirement saving system. But the GAO claim that Stammer thinks illustrates America’s coming retirement crisis is in fact one of several misleading arguments in GAO’s recent work on retirement saving.

Some hope comes from one government agency that is very aware of the retirement situation and the weaknesses in the system: the U.S. Government Accountability Office. A 2015 report found, ‘About half of households age 55 and older have no retirement savings,’ such as in a 401(k) plan or an IRA.” - Robert Stammers

Read the full article by Andrew G. Biggs about the retirement crisis from American Enterprise Institute