One-in-Four American Workers Have No Retirement Savings
May 29, 2019
Despite a strong job market and moderate wage growth, millions of Americans are in a precarious financial position. A new survey from the Federal Reserve found that one quarter of current workers have no retirement savings at all. Even those who do have some savings worry that it may not be enough. 44 percent of the respondents feel that their savings are not on track to meet their retirement plans.
Young workers fared the worst. Of workers between the ages of 18 and 29, less than half, 42 percent, have any retirement savings. Only 26 percent feel they are doing a good job of preparing for retirement.