The numbers demonstrate how ill-prepared most Americans are for retirement and the daunting circumstances that will make the twilight years difficult for late-generation baby boomers and Generation X.

People in their 30s to 50s are less likely to have pensions than previous generations. Their retirement savings are mired in a low-interest environment. They are expected to live longer than people in previous generations. And health care in their retirement years is projected to be far more expensive than it has been.

The Windsor-based trade group LIMRA, which used to be called the Life Insurance Marketing and Research Association, has tracked how much people are setting aside for their retirement, what people are expecting from retirement and how those paths are diverging.

"Too many Americans are headed for retirement hell," LIMRA CEO and President Robert A. Kerzner said in an interview with The Courant. "They are not going to have the retirement of their dreams."

Two main issues are undermining retirement security people are likely to live longer and they won't have enough money, according to LIMRA, the largest research firm for the life insurance and financial services industry.

Boston College's Center for Retirement Research, in its 2009 National Risk Index, said, "This gloomy forecast is due to the changing retirement income landscape. Baby Boomers and Generation Xers will be retiring in a substantially different environment than their parents did. The length of retirement is increasing as the average retirement age hovers at 63 and life expectancy continues to rise."

A LIMRA analysis of how much U.S. households saved in investable assets including 401(k) accounts and IRAs, but not including home values or pensions shows that 35 percent have less than $10,000. Another 24 percent of households have from $10,000 to $49,999. And 11 percent have from $50,000 to $99,999.

That means 70 percent of Americans have less than $100,000 saved for retirement, not including their pension, Social Security payments and the value of their home. The percentage of working Americans who said they have less than $25,000 in savings and investments has increased from 48 percent to 56 percent between 2007 and 2011.

In a report last year, the American Academy of Actuaries suggested that individuals plan to save $20,000 per year for 25 years, or $500,000. The academy also suggests putting money into an annuity for timed distributions rather than a lump-sum distribution.

How much a person needs for retirement depends on the person, the quality of life they want in retirement, how long they will live, where they will live, monthly expenses and many other factors that are personal and difficult to foresee. However, companies that offer retirement-savings funds recommend a retiree have monthly income that is 75 percent of their working income. Retirement income might include Social Security, a pension and savings.

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'Retirement Hell' Forecast By Windsor-Based LIMRA