Despite the warnings and the realization that many Americans know they need to save for retirement, 34% of workers are not doing anything about it, according to the 17th annual "Retirement Confidence Survey" by the Employee Benefit Research Institute of Washington.

"It's very worrisome because the retirement environment is changing more quickly than individuals can adapt," said Mathew Greenwald, president of research and consulting firm Greenwald & Associates of Washington and co-author of the study.

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