“Social Security provides most of the income for about half of households age 65 and older,” the GAO said. (Photo: Shutterstock)
(Bloomberg) –The bad news is that almost half of Americans approaching retirement have nothing saved in a 401(k) or other individual account. The good news is that the new estimate, from the U.S. Government Accountability Office, is slightly better than a few years earlier.
Of those 55 and older, 48 percent had nothing put away in a 401(k)-style defined contribution plan or an individual retirement account, according to a GAO estimate for 2016 that was released Tuesday.
That's an improvement from the 52 percent without retirement money in 2013.
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