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Nearly 40% of older Americans face retirement with no savings

Younger people are also withdrawing their retirement savings with no way of replacing it, setting them up for a struggle in retirement years. ©Image Credit: Unsplash / Mark Timberlake

Living paycheck to paycheck is the reality so many Americans are facing, and that has made it very hard to prepare for retirement. Data shows that nearly 40% of older Americans are just years away from retiring but don't have any savings or a retirement account.

Little to no financial safety net

The big dream as you approach 60 years old is that you'll be able to retire. If you imagine retirement as being relaxing and enjoyable, you're not wrong, but there's a price.

The reality is that many older Americans have little, if any, financial safety net. Data shows that almost half of older adults who work in the private sector don't have any savings at all or a retirement account.

Those numbers look worse with younger workers. Roughly 57% of Gen Zers and young millennials between the age of 18 and 34 also have no retirement savings plans.

Retirement can quickly turn into a nightmare

There's no sugarcoating it. Without savings, retirement can quickly turn into a nightmare scenario.

Even those who did set up retirement savings could be setting themselves up for disaster. Data shows that about 38% of them have withdrawn from their savings well before retirement.

According to a 2025 report from Payroll Integrations, Gen Zers are the ones most likely to withdraw money early. Dipping into savings without a plan to replace it means retirement living will take a hit.

Americans are having to work later in life

The lack of retirement savings is one of the reasons people are working past the traditional age of retirement. Without access to steady income, they are left with no choice but to keep working.

A study from Schroders shows that nearly 20% of American retirees say they are either "living the nightmare" or "struggling," with only about 5% saying they are living the dream.

It's never too early to start saving

No matter your age or career, there's one simple lesson to be learned: it's never too early to start saving for retirement.

Sources: Fortune, Payroll Integrations, Yahoo!Finance, Fortune

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