One-Quarter Of Working Americans Have Zero Retirement Savings

Many American households remain financially fragile and uncertain about their retirement prospects despite a booming job market that is lifting wages, according to a Federal Reserve survey released Thursday.

One-quarter of working individuals say they have no retirement savings at all, the survey said, and 44% worry that their saving isn’t on track. Among younger workers, aged 18 to 29, 42% have nothing set aside, and only 26% believe they are adequately prepared for retirement.

Households are also struggling to cover their day-to-day expenses, the survey found, with 17% saying they wouldn’t be able to pay all their bills during the month of the survey. In most cases, that means they expect to forgo making part of their rent, mortgage, credit card or utility payments.

Roughly a quarter of adults skipped medical care in 2018 because they were unable to pay, and about 40% have unpaid debt from unexpected medical bills incurred last year.

View Article
Site has paywall