The Fact
GAO reports that in 2022, 32% of households with a worker age 55 or older had neither retirement savings nor a defined-benefit pension. Retirement savings include accounts such as 401(k)s and IRAs.
What This Means
For nearly one household in three in this older group, neither of the two major employer/private retirement pillars—a traditional pension or an accumulated retirement account—was present. Social Security and other household resources therefore carry much more of the retirement load.
Sources
- U.S. Government Accountability Office, Financial Security for Older Americans, 2022 Survey of Consumer Finances analysis.