A new study by the Wall Street Journal confirms it: Many Americans will have to trade their “golden years” for a retirement filled with scrimping and sacrifice.

Pre-retirees aged 55 through 70 today are the first generation that was “left on their own” to prepare for retirement, according to Alicia Munnell, Director of the Boston College Center for Retirement Research.

As pension plans that provide a guaranteed income for life disappeared, 401(k)s, 403(b)s, IRAs and similar government and employer-sponsored plans replaced them.

It’s an experiment that has failed many. According to the Wall Street Journal, for Americans approaching retirement age…

“Their median incomes, including Social Security and retirement fund receipts, haven’t risen in years, they have high debt, are often paying off children’s educations and are dipping into savings for aging parents.

“Their paltry 401(k) retirement funds will bring in a median income of under $8,000 a year for a household of two.” [Read more…] “Wall Street Journal Study: 40% of Pre-Retirees Will Have to Reduce Their Lifestyle”