Dimon Sounds Alarm: Retirement Savings in Crisis

JPMorgan Chase CEO Jamie Dimon has issued a long-term warning that retirement is 'slipping out of reach for too many people.'

According to JPMorgan Chase's data, the average retirement savings for those aged 56-64 is around $540,000, while the median figure is roughly $185,000.

The bank has also warned that millions of small businesses lack a plan for when their owners retire, with 27% planning to simply shut down and another 40% having no idea what will happen when they retire.

This could lead to a significant hit on the US economy as more baby boomers retire, with many small businesses shutting down and larger private businesses being sold or passed on to family members.