There is a badly disturbing report out of the U.S. Government Accountability Office that estimates that almost half of older Americans approaching retirement have nothing saved for retirement in a 401(k) account or its equivalent.
The study looked at people who 55 and older in the United States. It found that 48 percent had nothing put away in a defined contribution or retirement plan.
As bad as that may be, it was an improvement from 2013 when 52 percent was without retirement money.
However, some 29 percent of older Americans have neither a pension nor savings.
This report offers a chilling profile of the economic strata in our country, particularly when combined with other studies showing that people have little money saved and live pay check to pay check. Another recent study shows that most Americans cannot afford home sin 70 percent of the country.
The GAO estimates looked at those aged 65 -74 with a savings of $148,000. That amount would yield only an inflation-protected annuity of $649 a month.