The Center for Retirement Research at Boston College pegs the retirement income deficit for Americans at $6.6 trillion.

The retirement income deficit represents the gap between the pensions, Social Security income, and retirement savings that American households have today and what they should have to maintain their living standards in retirement, according to Retirement USA, Washington, a coalition of consumer and labor groups that sponsored the study.

The Retirement Income Deficit is based on projections of retirement and Social Security income and accumulated wealth for American workers ages 32-64, the peak earning and saving years, using data from the Federal Reserve Board’s Survey of Consumer Finances, Retirement USA says.

“Cuts to Social Security, pension freezes, and 401(k) losses on the stock market could easily make the retirement income deficit much, much worse in the future,” warned Maria Freese, director of government relations and policy for the National Committee to Preserve Social Security and Medicare, at a press conference announcing the study results.

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