29% of Older Americans Have No Pension, 401(k), or IRA

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.

 

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Comments (3)


  1. Blanche Woodiel
    Reply

    IT’s Hard to make your SS check last for a month. Especially when your husband dies and you lose his check and yours goes down. I don’t know how I would get along if I didn’t have it.

  2. Nellie
    Reply

    Unions in CA are taxing retired people. 10% Federal, 5% State, 5% County. This started in 2010. My son is taxed 33% of his Union pension.
    I don’t think it’s legal. Should investigated.
    God Bless Our Country
    Trump 2020
    Build the wall higher and electric shock system

  3. Kenneth
    Reply

    i for one do not and i think the government should step ,up and help the seniors of America. It is impossible to live on 1,200 a month congress gets over 174,000 a year and they want a raise.There is a major Difference compar that to what seniors get 14,000 a year do i think they need a raise no i dont.

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