According to a new report from the U.S. Government Accountability Office, almost one-third of Americans aged 55 and older don’t have any money saved in a 401(k) plan or individual retirement account, and don’t have access to a traditional defined benefit pension.
That leaves them dependent on Social Security in their old age.
According to the GAO:
Social Security provides most of the income for about half of households age 65 and older.
But at least we’re headed the right direction. These numbers are slightly better than the survey showed in 2013.
Earlier this month the Employee Benefit Research Institute estimated that 41 percent of U.S. households headed by someone age 35 to 64 are likely to run out of money in retirement. That’s down 1.7 percentage points since 2014.