The Fact
GAO's analysis of 2022 Survey of Consumer Finances data found that about half of households with a worker age 55 or older had no retirement savings. GAO defines retirement savings to include defined-contribution accounts such as 401(k)s and individual retirement accounts.
What This Means
A large share of households approaching or already in traditional retirement ages do not have a 401(k), IRA, or similar retirement-savings balance to draw from. That makes other resources—Social Security, pensions, continued work, housing wealth, or family resources—more important.
Sources
- U.S. Government Accountability Office, Financial Security for Older Americans, analysis of 2022 Survey of Consumer Finances.