Americans have no savings, with good reason: housing, education and health care costs are out of control, wages are stagnant, and the Fed has suppressed interest rates

The American savings crisis is a time-bomb, as multiple generations hurtle toward retirement with effectively no savings, and experts are now saying that having $1 million in the bank on retirement day isn't enough. Future generations will either have to let their parents starve or compromise their own ability to produce the next generation while caring for the previous one (this is the crisis underway in China and Japan right now). (more")