This brief provides an overview of the available evidence on whether Americans are saving enough for retirement. Many studies suggest that Americans nearing retirement need additional savings to allow them to maintain their current living standards in retirement. However, these studies may exaggerate the extent to which households have inadequate retirement savings. Adopting a broader interpretation of savings targets suggests that a majority of households will have sufficient resources for retirement. Even so, there is some evidence of undersaving among the 5 to 25 percent of households with the lowest wealth-to-earnings ratios.
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