The Looming Retirement Savings Crisis: Solutions and Shortfalls.

The retirement savings gap in the US could create a $1.3 trillion economic burden through 2040, according to a study by the Pew Charitable Trust. State-run retirement savings plans could help close the gap, with initial data from states already offering the program showing participants saving anywhere from $105 to $190 per month. Without changes, 61% of elderly households are expected to have an annual income below $75,000 in 2040, and roughly half of working households may struggle to maintain their pre-retirement standard of living in their golden years due to limited access to workplace retirement plans.