A deeply disturbing survey reveals how severe the retirement crisis in the U.S. truly is.
Those 50 and older have got a lot of catching up to do if they want to have a comfortable quality of life due to their retirement savings.
A survey released by Bankrate.com, a financial research firm, shows 26 percent of those who are age 50 to 64 have saved nothing for retirement. Some 14 percent of those 65 and older have nothing saved as well. The survey doesn’t address how much people in those age groups have saved, but it’s not expected to be enough for retirement, says Greg McBride, chief financial analyst of Bankrate.com.
“I’m very worried,” McBride says. “I’m worried about every age bracket in their own way and I’m worried those 50 and up who haven’t started saving or haven’t saved enough. I worry about those under age 50 who have a greater burden for retirement savings and either aren’t saving or aren’t saving enough.”