Most Households Approaching Retirement Have Low Savings, an Update
GAO-19-442R: Published: Mar 26, 2019. Publicly Released: Mar 26, 2019.
Our 2015 report on retirement security included estimates on the percentage of households aged 55 and over without retirement savings or a defined benefit plan (traditional employment-based pension plans that offer benefits based on factors like salary and years of service).
We updated these estimates using data from the most recent Survey of Consumer Finances, which was released in September 2017.
We found that the percent of households headed by someone aged 55 and over that had no retirement savings decreased from about 52 percent in 2013 to about 48 percent in 2016.
Photo of five 100 dollar bills and a broken piggy bank.
Why GAO Did This Study
GAO was asked to update selected estimates from GAO-15-419 using 2016 Survey of Consumer Finances data.
What GAO Found
This correspondence updates estimates on the percentage of households aged 55 and over with selected financial resources, using the most recent data. The estimates were originally published in a 2015 GAO report, Retirement Security: Most Households Approaching Retirement Have Low Savings (GAO-15-419). To produce the estimates for the 2015 report, GAO analyzed retirement savings data from the 2013 Survey of Consumer Finances.
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