How to Salvage Your Retirement

By BRETT ARENDS
WSJ

Is it too late to save your retirement?

For many, the answer is surely yes. News out this week shows that 29% of those who have already retired have saved nothing at all to support themselves, while only a third have saved at least $50,000.

To put this in context: A retirement account of $50,000 will provide a 65-year-old man with an annuity of just $4,000 a year.

Yet according to the latest annual retirement survey from the Employee Benefit Research Institute, a nonprofit think tank in Washington, two-thirds of those in retirement don't even have that much set aside.

It's true that many will still be okay. That's because they will have a good benefit pension, or a lot of equity in their home, or both. Neither is counted in the survey, and both can be very important.

(More here.)