About One-Third of Senior Households Have No Retirement Savings

If there has ever been a case for saving Social Security, this is it — an Investopedia study found that one-third of households headed by someone 65 or older have no retirement account or pension. That equates to 11.6 million people.

This finding comes from an analysis of data from the Federal Reserve’s Survey of Consumer Finances, which the magazine describes as “the government’s most detailed inventory of household wealth and the latest available.”

Even more shocking, about 20 percent of older households have no retirement savings and less than $10,000 in financial assets. 

The Seniors Trust is committed to improving the well-being of older Americans. We are doing that financially by encouraging lawmakers to enact the Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.