By Tina Rosenberg
Americans don’t save enough. In 2005, Americans’ personal savings rate was negative for the first time since the Great Depression ─ instead of piling up savings, we are piling up debt. According to Financial Engines, an investment advisory firm that has surveyed the 401(k) retirement savings plans of 2.8 million people, only 28 percent of savers are on track to retire on 70 percent of our final salaries ─ and 70 percent may not be adequate to pay for health costs or travel. Worse, only one third of American workers participate in 401(k) savings plans at all.