Two dueling versions of the looming retirement crisis that affects millennials, Gen Xers and Boomers in various ways. Mary Childs wrote that the shortfall is actually worse than we all think. For example:

The average saver puts 6.8% of their annual income into their workplace retirement plan...

Boomers are saving 8.5% of their annual income, while Gen X workers save 7.4%. Millennials are saving just 5.7% because many of them are more focused on paying down debt, starting a family and buying their first home. Okay, so far this makes sense.

But according to the article, "Two-thirds still factor in income from Social Security, in addition to what they’re saving for retirement personally, the survey found. But 42% don’t even believe those benefits will be available to them when the time comes. What’s worse, 27% of American workers have already borrowed against their workplace retirement plan, and 27% have accepted penalties to pull money out."

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