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Retirement Security: Most Households Approaching Retirement Have Low Savings, an Update

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Report Type Reports and Testimonies
Report Date March 26, 2019
Release Date March 26, 2019
Report No. GAO-19-442R
Summary:

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.

Photo of five 100 dollar bills and a broken piggy bank.

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