Alarming Figures Reveal How Many Americans Lack Any Retirement Savings

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While many Americans worry they haven’t saved enough for retirement, an even more alarming share haven’t saved a single dollar. For these households, the future may mean working far longer than planned, relying solely on Social Security, or facing real financial insecurity in old age.

Millions Impacted

Depending on the survey, those with zero retirement savings range from one in five to almost half of U.S. adults. Gallup found that 40% of adults have no investments for retirement, with the AARP finding one in five adults 50 or older and the Federal Reserve finding that 28% of non-retired adults, respectively, are in the same situation. Meanwhile, FINRA’s 2025 National Financial Capability Study indicates that 43% of non-retired Americans don’t have a retirement account at all. Northwestern Mutual’s 2025 Planning and Progress Study adds to the alarm: more than half of Gen X, many of whom are now entering their 60s, say they won’t be financially prepared for retirement.

While the numbers vary based on the survey method, the trend is unmistakable: tens of millions of Americans are hurtling toward retirement without the resources they’ll need.

Who’s Most at Risk

Not all Americans face the same retirement savings gap:

• Older Americans: People in their 50s and 60s who haven’t saved much are in the most danger. With little time left to catch up, many risk outliving their income.
• Gen X: Northwestern Mutual’s research shows this “middle child” generation feels the least confident about retirement, with more than half expecting they won’t be financially prepared.
• Low-income households: Many live paycheck to paycheck, lack access to employer-sponsored retirement plans, or miss out on perks like matching contributions.
• Middle-income workers: Even households that once seemed stable are feeling the squeeze, with FINRA data showing many can’t make ends meet—leaving little left to put aside.
• Nonwhites: More than two-thirds (68.5%) of whites had a retirement plan in 2023, compared with 56.5% of Blacks and 41.8% of Hispanics, according to the Employee Benefit Research Institute.
• Gender gap: Women tend to retire with smaller account balances, partly due to lower lifetime earnings, time spent out of the workforce for caregiving, and more limited access to employer plans and contributions.

This highlights a troubling reality: the retirement savings crisis isn’t limited to people whose incomes are below the federal poverty level or the young.

The Consequences of Inadequate Savings

Not saving anything for retirement means having to rely only on Social Security, which for many isn’t enough to cover daily expenses, especially for people with debt. Not having retirement savings could mean having to remain in the workforce for longer and, when that’s no longer possible, either poverty or relying on family and friends, if available, for help.

Having little or nothing saved for retirement means relying almost entirely on Social Security. But Social Security alone typically replaces only about 40% of preretirement income—far short of what many households need to cover housing, food, medical care, and other expenses.

How To Help Americans Save More for Retirement

An aging population, longer life expectancies, and the dwindling of employer pensions in favor of 401(k)-style plans require workers to take on more responsibility than ever. The result is that millions are falling behind.

Experts say the next step will likely require bigger changes—both from employers and policymakers. Here are some of the ideas being discussed:

• Expanding access to workplace retirement plans, especially for small businesses. Many states have created auto-IRAs, state-run programs that automatically enroll certain workers whose jobs don’t provide retirement plans.
• Automatic enrollment, where workers have to opt out instead of opt in to retirement plans. Studies have shown that this can boost participation from around 50% to 60% to as much as 85% to 95%.
• Increasing incentives, such as matching contributions or tax credits, aimed at lower-income households.
• Better education about when to take Social Security and basic retirement planning.
• Boosting Social Security and Medicare funding, or gradually increasing retirement ages.
• Automatically shifting employees aged 65 plus from employer health plans to Medicare.

Without significant action, the retirement savings gap will continue to grow—and the financial strain will affect not just individuals, but the economy as a whole.

The Bottom Line

The sheer number of Americans with no retirement savings shows the system isn’t working as designed. Without critical changes—such as expanding access to savings plans, bolstering Social Security’s safety net, or making automatic enrollment the norm—millions risk facing old age with nothing in the bank to rely on. This won’t be just a problem for these individuals but for all Americans: If too many households enter retirement unprepared, the financial strain won’t just fall on them but on the entire U.S. economy.