Millions of working-age Americans aged between 56 and 64 are edging closer to retirement without having savings stashed away.
Census data for 2020 shows that less than 60 percent (approximately 58.1 percent) of American “baby boomers”—generally defined as those born between 1946 to 1964—owned a retirement account three years ago, at a time when the COVID-19 pandemic upended jobs and the global economy.
That means over two-fifths of baby boomers nearing retirement had no retirement savings stored in financial institutions.
The U.S. Census Bureau defined retirement accounts as 401(k), 403(b), 503(b), Thrift Savings Plans, Individual Retirement Accounts (IRA), Keogh accounts, and defined-benefit and cash balance plans….