Americans are having trouble financially preparing themselves for life after work. A recent Federal Reserve report found that nearly a quarter of U.S. adults have absolutely no retirement savings or pension. Even though the level of preparation increases as people get older, concern about inadequate savings is still readily apparent across all age groups, even older people in their 60s.
The data shows that 38 percent of younger people aged 18 to 29 have no retirement savings along with 27 percent of people aged beween 30 and 44. As it gets closer to retirement, 17 percent of those aged between 45 to 59 have a complete lack of retirement savings. When it comes to those actually ready to say goodbye to working life, 12 percent of people aged 60 and over have no financial cushion for their retirement. While this means that 88 percent of people in this age group have at least some retirement savings, only 51 percent of people aged 60 plus say their savings for retirement are on track.