The 24th annual EBRI survey found that 73 percent of people who say they dont save in either an IRA or a defined contribution plan have assets totaling less than $1,000, compared with 11 percent of those who have a plan.

A survey found that only 17 percent of respondents are contributing to an IRA, a decline from 22 percent in 2012, potentially missing tax and savings benefits.

Older workers getting ready to retire have increased worries they wont be financially ready to retire. Many plan to keep working as long as possible.

While 93 percent think they should contribute some portion of their income toward retirement and half believe it should be more than 10 percent, only one-fifth are currently saving 10 percent or higher.

The Hispanic Caucus said that the fiduciary definition is important to its community because low and middle-income Hispanics have retirement plan savings almost 40 percent lower than other low and middle-income individuals.

Social Security accounted for $1.39 per hour, or 4.7 percent of total compensation, while retirement and savings benefits accounted for $1.10 per hour, or 3.7 percent of compensation.

With thousands of strategies out there to choose from, it isnt all that surprising that people dont understand their options.

Nearly 90 percent of people between the ages of 55 and 64 believe retirement is real and they will one day not need to work and still be able to live comfortably.