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The news isn’t rosy for retirees: Nearly half of Americans have no retirement savings, and the median 401(k) balance is under $10,000 for those who have saved, said Steve Wendel, head of behavioral science for Morningstar, in his paper Easing the Retirement Crisis: How Financial Planning and Personalized Advice Can Head Off Extreme Austerity. Further, a recent study from the Employee Benefit Research Institute found that only 17% of American workers felt very confident in their ability to retire comfortably.

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