Nearly half of Americans are at risk of retiring broke. That’s according to a survey by GOBankingRates, which found that 42 percent of Americans have less than $10,000 tucked away for their golden years.
Another report from the Economic Policy Institute (EPI), using 2013 data, also found that many Americans are highly unprepared for retirement. The EPI looked at the mean and median retirement savings of working-age families, which it defines as those with wage-earners between 32 and 61 years old.
The mean retirement savings for these families is $95,776 in 2013 dollars. That sounds considerable but, as the EPI points out, that number doesn’t tell the whole story. Since so many families have zerosavings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. And the median for all working-age families in the U.S. is just $5,000.