Retirement Saving for 55-65 y.o.

[FIREd_2015]

Interesting GAO report out recently that says 61% of households age 55-64 have less than $50k in retirement savings and 9% have more than $500k. I'm assuming the majority of the people on this forum are in the 9% group.


Here is the link to the full report:

http://www.gao.gov/assets/680/670283.pdf

 

[eytonxav]

Personally, I doubt the GAO is capable of coming up with any statistics that can be counted on

 

[Independent]

Here's another factoid about "households age 55-64" -

59% have "retirement savings"
41% do not have "retirement savings"

The median income of the first group? $86,000
The median income of the second group? $26,000

I think I see a connection there.

(See Table 3 for some statistics by income quintile.)