More than a quarter of Americans have not contributed a penny to their retirement savings, according to a recent survey from GoBankingRates.
The financial services company surveyed more than 1,000 Americans regarding their retirement savings. Twenty-eight percent of respondents said they have $0 set aside for their later years.
Here's how many Americans have nothing saved for retirement, broken down by age bracket:
- 18 to 24: 28%
- 25 to 34: 30%
- 35 to 44: 35%
- 45 to 54: 33%
- 55 to 64: 25%
And here's how many have nothing saved in a specific retirement plan:
- 18 to 24: 24%
- 25 to 34: 35%
- 35 to 44: 43%
- 45 to 54: 40%
- 55 to 64: 41%
Notably, Gen Z has been proactive in saving for retirement, despite being furthest from retirement age. The youngest generation also contributes more of their paycheck in a tax-advantaged retirement account than any other generation: 16% allot 4% to 6% of their incomes to retirement savings, and 8% contribute 7% to 9% of their incomes.
Americans are generally aware that they are unprepared to retire, according to the survey. About 23% doubt they'll be able to retire at age 65, and another 30% do not anticipate retiring at all.