More than a third of American adults have no retirement savings, and 14% of those ages 65 and older also haven’t put money away yet, according to a new study.
The low savings rate for people at or approaching retirement age is alarming, said Greg McBride, chief financial analyst for Bankrate.com, which conducted the survey. The results were released Monday.
About a quarter — 26% — of those ages 50 to 64 haven't started saving for retirement, the survey said; the figure was 33% of people 30 to 49 years old.
Overall, 36% of those 18 years or older have not started saving for retirement, according to the survey of 1,003 adults.
“They still have...