Around half of Americans approaching retirement age have no retirement savings. For American workers as a whole, the median person also has nothing saved. “People generally are not on track,” says Dan Doonan, executive director of the nonprofit National Institute on Retirement Security. Even among those who do have some savings, it’s often not enough to last their expected lifetime.

The situation could be even worse for younger generations. Healthcare costs are increasing faster than wages. People are living longer. Without changes in policy, Social Security benefits will shrink. Climate change is introducing new risks: In many areas, there’s a greater chance that a flood or wildfire might force someone to suddenly move. The economic impact of climate chaos could also tank investments.

There is no single solution to the retirement crisis, but several changes could help–many of which will require businesses to act.

  1. Pay workers more
  2. A government-mandated retirement plan
  3. Split the responsibility between workers and employers
  4. State-backed IRAs
  5. Expand Social Security
  6. Expand Medicare and Medicaid
  7. Build affordable housing
  8. Create an Older Workers’ Bureau

Read the full article about retirement by Adele Peters at Fast Company.