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If the warnings are correct, hordes of retired workers will outlast their retirement savings. The reason? They failed to participate in their company’s 401(k) retirement plan or just didn’t squirrel away enough of their paychecks in the plan.   

Thirty years ago, half of all workers in the United States had a traditional pension plan, according to the U.S. Department of Labor. That meant that in retirement, they received a decent-sized check in the mail each month. By 2010, the percentage of employees covered by a pension plan had slipped to 7%. Today, the lion’s share of companies (69%) sponsor 401(k) retirement plans. But not all employees participate, and some who do participate fail to tuck away enough of their salaries to ensure an adequate retirement.

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