Newsbreak: Almost Half of Americans Approaching Retirement Age Have No Savings

Many Americans approaching retirement age are not financially prepared, according to U.S. Census Bureau data. Almost 50% of women and 47% of men aged between 55 and 66 have no retirement savings. Maryann O’Connor is one of those Americans. At the age of 66, she is juggling two jobs and working up to 11 hours per day. She had to sell her home and buy a smaller one with two other women, as she had no savings or 401(k) and not even enough for emergencies.

For those without a nest egg, experts say it is not too late to make a plan. The AARP suggests continuing to work, lowering living costs, saving when possible, delaying social security benefits until age 70, and avoiding risky investments that aim to make up for lost time. David John, a senior policy adviser for the AARP Public Policy Institute, warns against investing in something with high promised returns without doing adequate research first.

AARP reports that nearly 57 million Americans work for an employer that does not offer a retirement savings plan. O’Connor’s advice to young people is to start saving early, as she wishes she had done so herself. Nevertheless, O’Connor is continuing to work by founding a company that organizes trips for groups of women.

O’Connor, a single mother who raised three children, said that she has a “live-for-now philosophy.” However, for those who wish to avoid her situation, starting a retirement plan as early as possible and avoiding risky investments may help them avoid financial struggles in the future.

A news article by Janet Shamlian of CBS News published on March 2, 2023, largely contributed to this report.

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