Retirement Plans
GAO: Nearly half of Americans age 55 and older have no retirement savings
But that percentage had dropped from three years earlier
The percentage of households headed by someone aged 55 and older with no individual retirement savings fell over a three-year period that ended in 2016, but still hovered around 50%, according to an estimate from the Government Accountability Office released Tuesday.
In 2016, 48% of those households had no retirement savings in a defined contribution plan or an IRA, down from 52% in 2013, the GAO estimate found, which is an update to its 2015 report on retirement security based on the Federal Reserve's Survey of Consumer Finances.
Also, 29% of those households had neither a pension plan nor any individual retirement savings in 2016, the same mark as 2013, the estimate showed.
One-fifth had a pension plan but no individual retirement savings in 2016, down from 23% in 2013; while 26% had retirement savings but no pension plan, compared with 23% in 2013.
Lastly, 26% had both a pension plan and individual retirement savings, up from 25% three years prior.
