More than half of all employed American households are not saving anything - not one single dime - for retirement. For the past five years, Merrill Lynch & Co. has been conducting surveys to track attitudes and behavior of pre-retirees and baby-boomers, and its findings are sobering. Only 46% of pre-retirees (aged 45-64) and only 35% of baby boomers (aged 25-44) are saving for retirement.

For years, economists have been warning that Americans have not been saving enough, and yet matters are getting worse. Merrill's survey found that pre-retirees are saving less now than they were saving four years ago - 14% of their income in 1989, only 8% on 1992.

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