Millions Near Retirement Age Have No Savings

Nearly half of people 55 to 66 report none
By Newser Editors,  Newser Staff
Posted Mar 5, 2023 9:00 AM CST
Millions Near Retirement Age Have No Savings
   (Getty / dolgachev)

Stats released by the US Census Bureau this year translate to an unpleasant reality: Millions of Americans near the age of retirement have no savings. And it's more true for women than men. Some of the numbers:

  • Roughly 50% of women age 55 to 66 reported no personal retirement savings in 2017, while 47% of men were in the same boat.
  • In the same age group, 22% of women had $100,000 or more in savings, while about 30% of men did.

  • Marriage appears to be a factor. For both genders, those who have never married were more likely to have no savings (60%), compared to those who have married once (35%) or two or more times (40%).
  • Those who married once were more likely to have at least $100,000 (40%), compared to those who never married (20%) or married more than once (33%).

CBS News dove into all this in an interview with 66-year-old Maryann O'Connor of Rhode Island. Instead of enjoying a retirement, O'Connor is working two jobs because she has no savings, not even enough to cover an emergency. She sold her home and bought a smaller one with two other women, a move she called one of "life and death." For years, O'Connor was a single mom who raised three adopted children. "I wish I had started earlier," O'Connor says of saving money. Her advice for younger people? "I would now say that they need to start planning as early as they can." (More retirement savings stories.)

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