Half of American workers have no access to a 401k or pension. Will they have to work forever?
Darron Cardosa, 42, a waiter in New York, puts 3% of his tips in an envelope with the letters "IRA" scrawled on the side at the end of each shift.
"I made $183 the other day, so I put $6 in the envelope," Cardosa says. "I'm waiting until I get it up to $500, and then I will bring it over to the bank and put it in my IRA."
Start saving for retirement on your own
One of Cardosa's previous server positions offered a 401k that he utilized, but his current job offers him no retirement benefits. "It is very frustrating for someone of my age, 42, with very little to count on when I am no longer able to work," he says.
Employees with a 401k or pension plan at work are among the more fortunate half of the population. Only 51% of all Americans worked for an employer that sponsored a retirement plan in 2008, according to an Employee Benefit Research Institute analysis of Census Bureau data.
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