The people over at ING Direct recently conducted a survey asking how people feel about retirement. The results might be surprising to some. For instance, 1 in 3 Americans over the age of 55 think they will need to save $250,000 or less to retire. I suppose this is possible if they live extremely modest lifestyles or have pensions but I doubt that is the situation for most of the respondents.
Also, 25% to 50% of working Americans plan to rely on Social Security as their main source of retirement income. Looking at what most Americans have saved for retirement I would bet that in actuality over 50% of them will end up relying on Social Security as their main source of retirement income. If Social Security is not kept around in some form there will be a lot of people in the poorhouse.