America’s

Retirement Myth

New Reality

Work Until You Drop Dead!

Almost Half of Older Americans Have Zero 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. 

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. 

“Social Security provides most of the income for about half of households age 65 and older,” the GAO said.

DYI