Nearly half of working-age Americans don’t have a retirement account—even 40% of workers nearing their 60s don’t have any money stored away

American workers have dreams of throwing in the towel by their mid-60s and spending the rest of their days in cushy retirement—but it’s become less of a reality for most. In fact, many professionals aging towards their workforce exit could make the leap with thin financial safety nets. 

Nearly half of working-age Americans in the private sector don’t have a retirement account, according to a recent AARP data analysis from Apollo Global Management’s chief economist Torsten Slok. As expected, those that are still building their careers are the worst off; about 57% of Gen Zers and young millennials aged 18 to 34 do not have a plan set up. However, the issue even extends to older generations who have decades of experience under their belts. 

About 43% of Americans aged 34 to 44 employed by private companies do not have a retirement plan in place, as well as 41% of those 45 to 54 years old, and 40% of U.S. workers who are 55 to 65. That means that around four in 10 U.S. Gen Xers, and even some baby boomers, aren’t squaring away money in retirement plans. 

And as many of these older workers barrel towards the end of their careers, it could spell trouble for their living expectations after leaving........

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