TIME Workplace & Careers

More Than a Third of Americans Have No Retirement Savings

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Perhaps unsurprisingly, young Americans are the least prepared

More than a third of people in the United States have no retirement savings at all, according to a new survey.

The survey, commissioned by Bankrate.com, found that 14% of Americans ages 65 and older are without a nest egg, USA Today reports. For the 50-to-64 age group, the proportion is 26%, while 33% of those aged 30 to 49 have nothing put aside. In total, 36% of Americans haven’t put aside a dime for retirement.

Perhaps unsurprisingly, young Americans are the least prepared, with 69% of the 18-to-29 age group having no retirement savings.

“The key to a successful retirement is to save early and aggressively,” Greg McBride, chief financial analyst for Bankrate.com, told USA Today.

Some Americans are heeding that advice. The same survey found that 32% of people ages 30 to 49 began saving for retirement in their 20s, while 16% started in their 30s.

[USA Today]

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