How many of us want to retire with $3,000 in savings? That's the median level of retirement savings held by American households. Not $3,000 a month. Not even $3,000 a year. $3,000 total.
Yes, this is a crisis. Social Security will help millions of Americans maintain financial security through their twilight years. But Social Security is not enough. Americans also need personal retirement savings to keep out of poverty as they age. By and large, working Americans just don't have this savings. They're in trouble.
Some social commentators argue that failure to save for retirement is a personal failure. They insist that the millions of non-savers are simply irresponsible and shortsighted.