“Approximately 38,000,000 working households in the United States do not own any retirement assets. This is about 45% of all the working households in the United States. They do not have an IRA. They do not have a 401(k). They do not have anything. In other words, they have made no plans whatsoever to fund their retirements. If we take into consideration all households in America, the median retirement account balance is $3,000. Got that? $3,000.  The utter impossibility of this situation should be obvious. This is not a slight shortfall. This is a guaranteed head-on collision inside the American social order. That is because the Social Security system is going bankrupt.”

http://www.garynorth.com/public/11165.cfm

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