A comfortable retirement is nearly impossible for most of the American workforce.

Longer lifespans, a major savings shortfall and increasing standard-of-living costs — particularly around health care — are just a few of the reasons why Americans face a retirement savings deficit of between roughly $7 trillion and $14 trillion, according to the National Institute on Retirement Security. The median retirement account for workers nearing retirement age holds only $12,000, whereas the conventional advice is to have about $1 million, or at least 10 times someone’s annual income.

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