A new report published by the College for Financial Planning concludes that consumers whose household incomes fall in the middle market range ($30,000 to $100,000) have “an uphill battle” to overcome when planning for retirement: low income, low retirement fund balances, and few assets. The report cites the two greatest factors for middle-income retirement: the stability of Social Security and the health of the retiree.

According to the National Institute on Retirement Security, 38.3 million working-age households (45%) do not have any retirement account assets. And for those near retirement age, there is an average $12,000 median defined contribution/IRA balance. Financial planners play a critical in helping mid-market consumers plan for their future by exploring options that could stretch clients’ income, such as adhering to a strict budget while still in their 50s and considering working longer to delay the receipt of Social Security benefits.

The white paper was written by Cindy Shnaider, MSF, co-chair of the Graduate Studies Program at the College for Financial Planning,