Nearly half of Americans aren’t on the right track for retirement

A number of non-retired participants said they have no retirement savings or pension and for those over 60, 13% said they have no retirement savings at all.

Shutterstock

Nearly half of Americans aren’t on the right track for retirement.

The Federal Reserve Boards annual survey of household economics found that around 44% of Americans claimed that they aren’t finally prepared for retirement, while just 36% reported that they were on the correct path. The rest are not sure, according to the survey.

A number of non-retired participants said they have no retirement savings or pension. Of non-retired above age 60, 13% said they have no retirement savings at all.

Older Americans, however, were the best on track with their current retirement goals. 45% of Americans over age 60 claimed to where they felt comfortable while the lowest was the youngest bracket — ages 18 to 29 — at just over a quarter.

As for when people are retiring, almost half of the retirees retired before age 62 in 2018. Another fourth retired just slightly over between 62 and 64.


You might also enjoy…

Kyle Schnitzer|is a reporter for Ladders and can be reached at kschnitzer@theladders.com.