A new survey suggests more than half of U.S. workers have less than $25,000 saved for retirement. The annual report by the Employee Benefit Research Institute also finds more than a quarter of Americans have no confidence they be able to retire comfortably.
That's particularly true for older Americans, who are often encouraged to invest more in bonds, because they are seen as less-risky.
But with continued low interest rates, those investors aren't seeing enough returns to offset inflation and fees.
As a result, financial advisors say some seniors are considering riskier investments that might offer bigger rewards.
"Years ago, I could get 4% just sitting in a money market," says Rich Rosso, of Clarity Financial, "Now, to receive 4%, I have to take a certain level of risk to my principal that , quite frankly, many seniors cannot afford to take."
Seniors are also staying in the workforce longer, to help offset their financial shortfall.
According to the Census, nearly 1 in 5 Americans, aged 65 and older, is working or looking for a job.