FROM CNN's Jack Cafferty:
Thinking of retiring? Think again.
A new survey shows 56% of workers say they have less than $25,000 in savings.
The survey by "the employee benefit research institute" also finds that nearly 30% of workers are "not at all" confident about having enough money for a comfortable retirement. That's a record high.
Researchers point out that many people don't even know how much they need to save for retirement.
It's estimated a 65-year-old retiree needs $1.1 million dollars in savings to draw $50,000 a year.
That assumes 3% inflation and a 5% annual return on investments.
Financial advisers tell USA Today they're seeing more workers and new retirees with no savings and no plan to get out of debt.
They point to several factors jeopardizing retirement today, including:
Sadly, there aren't many options as you near retirement age and don't have money stashed away.
You can either work longer - which millions of Americans are planning to do - save more or get a higher return on your investments. Or cut your costs.
So much for the golden years.
Here's my question to you: Where are Americans headed if more than half of workers say they have less than $25,000 in savings?
Tune in to the Situation Room at 5pm to see if Jack reads your answer on air.
And, we love to know where you’re writing from, so please include your city and state with your comment.