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Half of older Americans have nothing in retirement savings

Half of older Americans have nothing in retirement savings

According to the Government Accountability Office, almost half of Americans approaching retirement have nothing saved in a 401(k) or other individual account. Of those 55 and older, 48 per cent had nothing put away in a 401(k)-style defined contribution plan or an individual retirement account. The 2016 estimate is an improvement, though, from the 52 percent without retirement money in 2013.

Timothy
Timothy
Brandon Spears
Brandon Spears 1 year

So are we just not gonna count social security anymore? which basically is a retarded version of the government saving money for you and only releasing a very small amount back to you over time monthly once you're 60 or 65 I believe

(Un)Fortunate Son
(Un)Fortunate Son 1 year

Social Security was never meant to fund entire retirements. People are trying to live off of it.

Lord Flasheart
Lord Flasheart 1 year

as I am not American or familiar with 401k, is it not compulsory for your employer to deposit a % of your pay into your 401k monthly? Australia, you have to have a Superfund and you cannot touch it until you retire. 65-70 years old. Only certain circumstances and they will allow you to access it. We can also top up, up to $2000 into your superfund and the government will match it.

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