Without the workplace benefit only 5% of plan participants save for retirement on their own, suggests data prepared for The American Society of Pension Professionals & Actuaries by the Employee Benefit Research Institute.

The Legg Mason Retirement Advisory Council announced a white paper Tuesday, “The Savings Crisis of Working Americans: The Retirement Industry Call to Action” that examines the retirement savings shortfall and calls on the retirement industry, employers, working Americans, financial advisers and the federal government to come together to develop solutions that improve the savings rate in the U.S.

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