How to pay for your retirement, not your bank account

As many as half of all households in the United States have insufficient savings to meet their retirement obligations, according to the Federal Reserve.

A new report shows that nearly half of households with incomes under $30,000 do not have enough savings to cover their basic retirement expenses.

That number will likely continue to grow, according the report, which also found that the median household income in the country is about $44,000.

The study found that fewer than 30% of households have enough funds to meet the basic retirement needs of their families.

That includes less than 50% of individuals who earn under $50,000 a year and households that make less than $10,000 per year.

The remaining households have savings that they either do not plan to use or are limited by their financial situation.