![Report: A Quarter Of Americans Have No Retirement Savings [Infographic]](https://i.headtopics.com/images/2019/6/3/forbes/across-the-united-states-people-are-struggling-to-financially-prepare-themselves-for-life-after-work-1135622182309105664.webp)
Across the United States, people are struggling to financially prepare themselves for life after work
Data journalist covering technological, societal and media topicsfrom the U.S. Federal Reserve found that nearly a quarter of all American adults have no retirement savings or pension at all. Even though preparedness for retirement increases with age, concern about inadequate savings is also widespread among people approaching the point where they bid farewell to working life.
The data shows that 42% of people aged 18-29 have no retirement savings, along with 26% of Americans in the 30-44 age bracket. Among those closer to retirement, 17% of people aged 45 to 59 report a complete lack of retirement savings and that figure is 13% for those aged 60+. When it comes to self-assessed preparedness for retirement by age, less than half of people aged 60 and over think that their savings are on track.
Even though the amount of money people can stash away depends heavily on income and circumstances, most experts say that it's important to automate savings at a relatively young age. One popular option is the 401 which employers sponsor. Employees can opt to contribute a percentage of their income to the plan which gets automatically deducted from their paycheck. It's estimated that over 50 million Americans participate in 401 plans which hold a grand total of $4.5 trillion in assets.
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