The notion of a retirement crisis is bandied about rather frequently. Behind that crisis are real people who face some very difficult choices. As pointed out by The Atlantic, many people reaching retirement age lack pensions and often have not put enough money into their 401ks or other retirement accounts to live on once they retire. According to the National Institute on Retirement Security, the median savings in a 401k plan for people between the ages of 55 and 64 is presently just $15,000. Anirban has more.