A growing number of Americans face the prospect of retiring without a penny in savings.
Only 1 in 10 low-income workers between the ages of 51 and 64 had any funds put away for retirement in 2019, compared with 1 in 5 in 2007 prior to the Great Recession, according to a recent analysis by the U.S. Government Accountability Office. Those workers have median earnings of about $19,000 annually, noted the study, which examined data from the Federal Reserve’s Survey of Consumer Finances and other sources.
That’s a stunning reversal for millions of households during a 12-year period that included economic growth and huge stock gains following the end of the Great Recession. And while poor workers lost ground, high-income Americans — who earn about $282,000 per year — enjoyed a surge in their median retirement assets, which almost doubled to $605,000 during the same period, the GAO found.
Read more at CBSnews.com
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