This isn't a new warning. But since pensions are disappearing and Americans aren't saving enough money to cover their retirements, the consequences could be disastrous. The Harvard Business Review reports, "Among Americans between 40 and 45 years of age, the median retirement account balance is just $14,500 — less than 4 percent of what the median-income worker will require in savings to meet his retirement needs." Increasingly, retirees are depending on Social Security in the absence of pensions, but also because wages have not kept pace with everyday living expenses, leaving workers less able to save enough for retirement.