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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.
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