How Much Have Americans Ages 55 to 64 Saved for Retirement and Who Admits to Having No Savings

Group 1 - The Federal Reserve's Survey of Consumer Finances indicates that 57% of households headed by individuals aged 55 to 64 had retirement-specific accounts in 2022, marking a low participation rate since 1995 despite an increase from 2019 [1][4] - A 2024 AARP survey revealed that 1 in 5 adults aged 50 or older had no retirement savings at all, highlighting a concerning trend in retirement preparedness among older Americans [1] - Median income and net worth for households in their mid-50s to mid-60s are typically at their highest levels, yet many are not prioritizing retirement savings, with some opting for early retirement or shifting assets [2][3] Group 2 - The median retirement savings for households aged 55-64 with retirement accounts was reported at $185,000 in 2022, which is higher than younger households but lower than those aged 65-74 [6] - Recent data from Empower shows that the median savings for individuals in their 50s is $253,454, while for those in their 60s, it is $186,902, indicating significant variability in retirement readiness influenced by factors such as housing wealth and access to workplace plans [4][6] - Many Americans in their mid-50s and early 60s lack dedicated retirement accounts or have modest balances, which can impact their financial situation as they approach retirement [5]