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March 27, 2019 01:00 AM

GAO: Nearly half of Americans age 55 and older have no retirement savings

But that percentage had dropped from three years earlier

Brian Croce
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    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.

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    October 23, 2023 page one

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