About 20% of Americans who are 50 or older and not yet retired have no retirement savings and are concerned about prices rising faster than their income.
FILE - Visitors pass through the National Memorial Cemetery of Arizona on May 26, 2017, in Phoenix. About 20% of Americans who are 50 or older and not yet retired have no retirement savings and are concerned about prices rising faster than their income as inflation continues to present a challenge to households and entitlement programs are facing budget shortfalls.
“Every adult in America deserves to retire with dignity and financial security. Yet far too many people lack access to retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire,” said Indira Venkateswaran, AARP senior vice president of research. “Everyday expenses continue to be the top barrier to saving more for retirement, and some older Americans say that they never expect to retire.
“Obviously you’re not going to have the kind of retirement that you might have dreamed of, but having any retirement savings is better than having no retirement savings. So if you reach 50 and you don’t have anything to save, it’s definitely not too late to start and to save whatever you can,” said David Johnson, senior policy adviser at AARP.
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