For many individuals, the answer is increasingly ‘no’. Yahoo and the Wall Street Journal report that:
Fifty-seven percent of U.S. workers surveyed reported less than $25,000 in total household savings and investments excluding their homes, according to a report to be released Tuesday by the Employee Benefit Research Institute. Only 49% reported having so little money saved in 2008.
In the past, workers could count on employers defined benefit plans to provide them with security in retirement. This is no longer the case. “The portion of private-sector U.S. workers covered only by so-called defined-benefit plans fell to 3% in 2011 from 28% in 1979, according to U.S. Department of Labor data compiled by EBRI.”