Half of Older Americans Have Nothing in Retirement Savings

The bad news is that almost half of Americans approaching retirement have nothing saved in a 401(k) or other individual account. The good news is that the new estimate, from the U.S. Government Accountability Office, is slightly better than a few years earlier.

Of those 55 and older, 48 percent had nothing put away in a 401(k)-style defined contribution plan or an individual retirement account, according to a GAO estimate for 2016 that was released Tuesday. That’s an improvement from the 52 percent without retirement money in 2013.

Two in five of such households did have access to a traditional pension, also known as a defined benefit plan. However, 29 percent of older Americans had neither a pension nor any assets in a 401(k) or IRA account.

The estimate from the GAO, the investigative arm of Congress, is a brief update to a more comprehensive 2015 report on retirement savings in the U.S. Both are based on the Federal Reserve’s Survey of Consumer Finances.

Source: Half of Older Americans Have Nothing in Retirement Savings

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One comment on “Half of Older Americans Have Nothing in Retirement Savings
  1. Judas Priest says:

    401Ks, that’s still offered by companies? Until the next bubble wastes-away half your earnings like it did in ’07-’09.

    Pensions: this concept died in the 80s in lieu of the 401K? Pensions are for the secure & comfortable, like union members and government employees.

    Most companies don’t offer either as an option to employees because of: NAFTA (thanks Congress!), 32.5 hour week (so they don’t have to pay for your benefits), using temp agencies (no benefits offered), non-union, rapid inflation/rising cost of living, devaluing of the dollar, etc.

    Welcome to the brave new world your parents created!

    Like

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