Entitlement programs such as social security have been under attack in Congress from both sides of the isle. Curtailing spending on these entitlements is among the suggestions being made as a means of lowering the national deficit. It is also being suggested that those saving accrued by middle-class seniors will be nowhere near sufficient to support their current standards of living. The most popular type of retirement savings account was the 401(k) plan in 2019. This plan allows an employee to choose between receiving compensation in cash or a portion of it gets put into a 401(k) account.
Americans approach the topic of saving for retirement in various ways. A 2019 survey showed that almost half of U.S. workers guessed the amount of retirement savings they would need, whereas only four percent used the amount given to them by a financial advisor. However, more than one quarter of Americans began to save for retirement before the age of 18.