When asked whether they were saving enough for retirement, 45 percent of Americans age 60+ said they were on track, while 13 percent said they had no retirement savings or pension, according to the newly released Federal Reserve Board’s Report on the Economic Well-Being of U.S. Households in 2018.
Started in 2013, the survey shares a wide range of financial challenges and opportunities facing individuals and households in the United States.
A desire to do other things than work, or to spend time with family, were the most common responses when survey takers were asked why they retired when they did. In addition, 4 in 10 retirees under age 62—and 3 in 10 between ages 62 and 64—say poor health contributed to their retirement. More than one-fifth of those who retired before age 65 say the lack of available work contributed to their decision.
The survey also revealed Americans’ lack of financial literacy skills. Six in 10 non-retirees who hold self-directed retirement savings accounts, such as a 401(k) or IRA, said they had little or no comfort in managing their investments. Download the full report.