"The median household headed by a person aged 60 to 62 with a 401(k) account has less than one-quarter of what is needed in that account to maintain its standard of living in retirement, according to data compiled by the Federal Reserve and analyzed by the Center for Retirement Research at Boston College for The Wall Street Journal. Even counting Social Security and any pensions or other savings, most 401(k) participants appear to have insufficient savings. Data from other sources also show big gaps between savings and what people need, and the financial crisis has made things worse."
The solution is, of course, to cut taxes, get rid of social security and 'grow the economy', and those who didn't save enough can move to shelters and eat Alpo, as long as they have the resources.
"Retiring Boomers Find 401(k) Plans Fall Short"