Young adults aren't saving much for their golden years, so retirement savings should be made mandatory to avoid a catastrophe, says Steven Rattner, former adviser to President Barack Obama.

The youngsters are weighed down financially by low wages and hefty student debt, he writes in The New York Times. Largely as a result, among eligible workers under 25, only 43 percent partake in 401(k) plans.

It's 62 percent for those aged 25 to 34 and 70 percent or more for those over 45, says Ratner, now chairman of Willett Advisors, which manages Michael Bloomberg's philanthropic assets.

Editor's Note: 250% Gains Bagged Using Secret Calendar (See Video)

"The failure to save for retirement is setting up Americans in their 20s and early 30s for financially stressed golden years," he writes. "We should address this looming crisis via a radical restructuring of our retirement plans, including mandated savings."

Rattner doesn't think President Barack Obama's proposed Individual Retirement Account would do the trick, calling it a "symbolic and inadequate gesture."

So what does Rattner want?

"The approach I like is Australia’s superannuation program, which requires that 9 percent of workers’ pay be diverted into retirement accounts," he says. "Tax incentives are also provided, to encourage additional deposits."

It's not just the young who are falling short on saving for retirement. A survey conducted in January for Franklin Templeton Investments showed that 39 percent of pre-retirees of all ages haven't begun saving for retirement.

"Americans have long struggled with preparing for the realities of retirement," Michael Doshier, vice president of retirement marketing for Franklin Templeton, said in a statement.

Editor's Note: 250% Gains Bagged Using Secret Calendar (See Video)

Related Stories:

• 'This Is a Dangerous Time to Be Close to Retirement'
• Study: How Much Do You Need to Save for Retirement?