31% of Americans Have No Savings for Retirement
That includes 1 in 5 who are near retirement age
By Arden Dier, Newser Staff
Posted Aug 8, 2014 2:49 PM CDT
So much for a nest egg.   (Shutterstock)

(Newser) – Here's a scary stat for you, spotted by the Washington Post: About 1 in 5 people nearing retirement have no money for retirement. It comes from a newly released survey by the Federal Reserve of about 4,100 Americans. In total, 31% had saved no money for retirement, though the figure improved to 19% for those ages 55 to 64. What's more, 20% of people over 60 said retirement planning hadn't even crossed their minds, which probably explains why 24/7 Wall St. calls this "the next crisis." Another depressing find: Some 40% of non-retirees 45 and over have had to delay their pre-recession retirement plans.

The problem doesn't just boil down to poor planning. "Many respondents, particularly those with limited incomes, indicated that they simply have few or no financial resources available for retirement," researchers say. In particular, a quarter of respondents said they were "just getting by," while 13% said they were struggling, CBS News reports. About 45% of people said they planned to rely on Social Security to pay the bills in retirement, while 25% gave the following answer: "I don't know." Just as many said they expected to work as long as they could, and another 18% planned to get a part-time job after retiring.

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Showing 3 of 301 comments
specialk
Aug 11, 2014 10:12 PM CDT
How could they have any savings? They are too busy surviving taxes for illegal aliens food, clothing, housing, education, medical care & driver's licenses to be able to fund anything! I suppose the remaining worker bees will just have to support everyone in the end. Look at the total $'s in Foreign Aid that we've squandered since WWII, and we still have not bought one friend. We are each on our own, as we descend into third-world status.
$115803099
Aug 9, 2014 12:44 PM CDT
What's a Savings? And why do we need it? Why do we place the pursuit of money as being more important than raising good human beings and having good moral values? Money is the root of all evil, yet people still hunger for more. People shouldn't have to be able to afford to live, life is a birth right. The right to life is too expensive and people can't afford it. The rich can because they lie, cheat and steal to get it.
Rush Izright
Aug 9, 2014 10:06 AM CDT
oh boo hoo--people live in the now. blame their problems on everyone and anyone but themselves. blow your cash--don't come after my stash.