WASHINGTON (AP) - Teenagers flipping burgers or stocking shelves don't think about retirement. But the government does, and the prognosis isn't good.
The Government Accountability Office says more than one-third of American workers born in 1990 will have zero dollars in a 401(k)-style plan at retirement. And considering that many businesses are dumping pension plans, it's an ominous sign.
The report says the numbers will be even worse for low-income workers: 63 percent of them will have no money in such accounts at retirement time.
The study concludes that if workers were automatically enrolled in 401(k)s it would cut in half the number of low-income workers with zero retirement dollars.
(Copyright 2007 by The Associated Press. All Rights Reserved.)