A good article on the looming catastrophe here via Mark Perry of all people. As Mark points out, nearly 3/4 of near retirees (aged 50 to 64) have an average retirement account balance of $26K.
Right wingers of course want to kill off Social Security. They can talk about personal responsibility all day long, but they have to answer this question. What are you going to do about the MANY people that for whatever reason just will not save enough on their own? You can react like the tea party types at the Republican debate. "Let 'em die." But massive inequality and suffering has a tendency to become everyone's problem. Even the rich.