The typical working family has only $104,000 saved by retirement according to the Federal Reserve’s Survey of Consumer Finances. The Center for Retirement Research at Boston College estimates that half of American households will not have enough retirement income to maintain pre-retirement living standards. The Employee Benefit Research Institute uses a model that predicts that 83% of baby boomers in the bottom fourth of income distribution will eventually run out of money. Of those with incomes between middle and 75th percentile income distribution more than a quarter will probably run short as well. Companies have been moving away from defined-benefit pension plans that provided working families with their main supplement to Social Security, forcing many to face the responsibility of saving and investing on their own. In 1979, 2 in 5 private sector workers had a defined-benefit pension plan, but today only 14% do. 401(k) plans have a fiduciary that is meant to act in the client ‘best interests,’ but IRA’s must consider ‘suitable’ products before ‘best interest.’ The White House’s Council of Economic Advisors argues that conflicted advise by advisors reduces annual returns by one percent point. In 2010, the Labor Department proposed imposing a fiduciary standard or responsibility on IRA advisors, but pressure from Wall Street forced the Obama administration to back down. What do you think of the current American retirement options?