Percentage of Americans aged between 50 and 64 with no retirement savings 2010

The statistic shows the share of Americans aged between 50 and 64 with no retirement savings in 2010. The categories are divided into income quartiles ranging from 0 to 10,800 U.S. dollars in the bottom 25th percentile to more than 52,201 U.S. dollars in the 75-100th percentile. The percentage of Americans in the bottom 25th percentile was equal to 77 percent.

Saving for retirement

Without a shadow of a doubt, the recession has had an impact on retirement plans and how people save. It is clear to see just how alarming the situation is when one takes into account the sheer amount of Americans aged between 50 and 64 who have no retirement savings. And even for those who have saved and regularly paid into retirement savings the outlook is less than secure. Adding to the worry are the increasing claims being made by industry experts that the savings accrued by middle-class seniors will have nowhere near the required level of sufficiency to support current standards of living in to retirement.

It is important to start thinking and planning in order to be able to enjoy an early retirement. Those who start to save later for retirement, and forego early saving practices will realize that playing catch-up and saving much more intensively later in life is extremely punishing. Everyone wants different things in retirement and first of all it is important to decide what sort of retirement lifestyle is desirable for the individual. Knowing what the desired lifestyle is will help to determine how much money will need to be saved.

Share of Americans aged between 50 and 64 with no retirement savings as of November 2010, by income quartile

Personal incomePercentage without retirement accounts
0 - 10,800 U.S. dollars77%
10,801 - 27,468 U.S. dollars65%
27,469 - 52,200 U.S. dollars40%
More than 52,201 U.S. dollars23%
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Source

Release date

July 2012

Region

United States

Survey time period

August - November 2010

Number of respondents

52,301 households

Supplementary notes

The source provides no information regarding how exactly the interviews were conducted.
According to the source there were: 14,595,911 Americans that fell into the $0 - $10,800 income category (bottom 25th percentile), 14,485,878 Americans in the $10,801 - $27,468 (25-50th percentile), 14,534,878 Americans in the $27,468 - $52,200 (50-75th percentile) and 14,528,221 Americans in the more than $52,201 (75-100th percentile).

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