Many have little to no savings as retirement looms

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After a vicious decade of no growth for the stock market, including two 401(k)-eating bear markets and persistently sky-high unemployment, more Americans are finding themselves in their 50s and 60s with practically no money saved for retirement.

“We were in our 30s, blinked, and now we’re our parents’ age,” says Alan Tipps, a corporate jet pilot who typically earns more than $100,000 a year when he’s working. But Tipps, 52, has been laid off three times during the past four years, and says that has forced him to burn through what was in his 401(k) just to “keep the lights on” in his home in Portales, N.M.

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