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Thirty-two percent of working-age Americans  – about 58 million people –  have no retirement savings, according to a recent analysis by The Penny Hoarder. Younger workers had the lowest savings rate, with nearly half of working-age adults in their 20s having no savings.

The Penny Hoarder’s analysis is based on data from the Federal Reserve’s Survey of Household Economics and Decisionmaking and counts retirement savings as a pension, employer-sponsored defined contribution plan, an IRA, or another type of retirement savings account.

According to the data, confidence in retirement finances steadily increases with age. Only 12% of the youngest respondents said they believe they are on track for retirement, while nearly 57% of those 70 years and older said they are on track. The analysis acknowledges that many people miss out on the power of compounding that comes with saving as early as possible because their paychecks only stretch so far when they are young.

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