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Retirement savings crisis grows

Tim Egan has been working since he was 14. He's now 56 and has spent most of his career as a restaurant manager. He has virtually nothing saved for retirement and, until last month, never had a 401(k) account.

Little wonder: Only two of the 20 restaurants where Mr. Egan has worked in the past four decades had retirement-savings plans.

“The restaurant business is what I'm good at, but few owners, especially of small places, offer retirement benefits, no matter how much money you help them earn,” says Mr. Egan, who worked his way up from dishwasher to waiter to bartender before rising to manager 20 years ago.

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