One in five people who are near retirement age have zero money saved. 
 
 Yes, you read that correctly. 
 
 The sobering statistic was one of many released by the Federal Reserve on Thursday as part of its report on the economic well-being of U.S. households, which surveyed more than 4,100 people online last year between mid-September and early October. 
 
 The study offered a stark reminder that as more Americans are made responsible for their own retirement, most are not saving nearly enough. Overall, 31 percent of people said they have zero money saved for retirement and do not have a pension. That included 19 percent of people between the ages of 55 and 64, or those closest to retirement age. 
 
 What's going on here? A lot of people said they rarely thought about retirement, at least not until it was too late. About 41 percent of people ages 18 to 29 said they never thought about retirement planning, a number that understandably declined to 20 percent for people above the age of 60. 
 
 But researchers said the dismal saving rates weren't fully explained by lack of caring. They also cited a combination of low resources and poor awareness: 
 
 The lack of preparedness is not signaled by a lack of planning alone. Many respondents, particularly those with limited incomes, indicated that they simply have few or no financial resources available for retirement. 
 
 For many people, particularly those working part time or earning low wages, the biggest obstacle to a steady retirement savings plan is access. About three-fourths of private sector workers with full-time jobs have access to a retirement plan, but that number drops to 37 percent for part-time workers, according to the Bureau of Labor Statistics. 
 
 So, what did workers say about how they expected to cover expenses in retirement? The biggest resource people planned to rely on, whether they had savings or not, was Social Security, which was cited by roughly 45 percent of respondents. 
 
 A lot of people said they would just keep working: About one-third of the people surveyed said they delayed their retirement date after the financial crisis. Among the people closest to retirement, those ages 45 and over, that number increases to 41 percent. 
 
 Only 18 percent of people said they envisioned having a traditional retirement where they would work full time until a particular date and then stop working completely. About a quarter of respondents said they plan to work as long as possible. And another 18 percent said they expect to take on a part-time job. 
 
 Not surprisingly, the most common savings vehicle was a defined contribution plan such as a 401(k) or 403(b), used by 44 percent of the people surveyed. That compares to 18 percent of people who said they were eligible to receive a pension from their employers. 
 
 (Correction: This story has been updated to correct that three-fourths of private sector workers with full-time jobs have access to a retirement plan.) 
 
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 About 100 million Americans are now using credit unions. Should you join them? ||||| The tide might be turning when it comes to retirement savings in America. For the third year in a row, GOBankingRates surveyed adults across the U.S. to find out how much the average person has saved for retirement. 
 
 From 2016 to 2017, the percentage of Americans with $0 saved increased. But this year, it dropped — dramatically. Not only has the percentage of adults with nothing saved fallen, but the percentage of those with $300,000 or more in a retirement nest egg has increased. 
 
 Keep reading to find out if Americans are saving enough for retirement. 
 
 How Much Does the Average American Have Saved for Retirement? 
 
 GOBankingRates polled adults across the U.S. using three Google Consumer Surveys to find out how much the average American has saved for retirement. Each survey targeted a specific age group — millennials, Generation X and baby boomers — and included about 1,000 respondents per group. 
 
 Each age group was asked the same question: “By your best estimate, how much money do you have saved for retirement?” Respondents could select one of the following options: 
 
 – Less than $10,000 
 
 – $10,000 to $49,999 
 
 – $50,000 to $99,999 
 
 – $100,000 to $199,999 
 
 – $200,000 to $299,999 
 
 – $300,000 or more 
 
 The 2018 Retirement Savings survey found that 42 percent of Americans have less than $10,000 saved. If they don’t boost their savings, they’ll likely retire broke because that’s not enough to cover a year’s worth of expenses. On average, adults 65 and older spend almost $46,000 a year, according to the Bureau of Labor Statistics. 
 
 Included in that 42 percent with less than $10,000 saved is the 14 percent of respondents with absolutely nothing saved for retirement. This group could be at the most risk of retiring broke if they don’t start taking steps to catch up on retirement savings. 
 
 On the other hand, the survey found that the majority of Americans have more than $10,000 saved for retirement. 
 
 – Nearly 7 percent said they have $10,000 to $49,999 saved. 
 
 – Nearly 13 percent said they have $50,000 to $99,999. 
 
 – More than 12 percent said they have $100,000 to $199,999. 
 
 – Nearly 10 percent have $200,000 to $299,999. 
 
 – About 16 percent have $300,000 or more in retirement savings. 
 
 Women Still Lag Behind Men in Retirement Savings 
 
 A nearly equal percentage of women and men have absolutely no retirement savings. But when you combine the percentage with no savings with the percentage who have saved $10,000 or less, the survey results show that women continue to lag behind men. 
 
 Q: By your best estimate, how much money do you have saved for retirement? Gender $0 Less than $10,000 $10,000 to $49,999 $50,000 to $99,999 $100,000 to $199,999 $200,000 to $299,999 $300,000 or more Female 13.86% 31.38% 7.70% 13.42% 11.80% 8.65% 13.20% Male 13.58% 26.25% 5.85% 11.94% 12.24% 10.96% 19.18% 
 
 Men are still more likely than women to have larger retirement account balances. The 2018 survey found that 45 percent of women have no savings or $10,000 or less, compared with 40 percent of men. However, that’s an improvement from 2017, when 58 percent of women had no savings or less than $10,000 saved. In 2016, 63 percent of women had less than $10,000 saved or nothing at all. 
 
 Did You Know? Women Aren’t Living as Comfortably as Men in Retirement — Here’s Why 
 
 57% of Millennials Have $10K or Less Saved for Retirement 
 
 It’s not surprising that the youngest generation (millennials) is more likely to have less in savings than older generations. At 18 percent, millennials ages 18 to 34 have the highest percentage of respondents with $0 saved. And another 39 percent of respondents in this age group have less than $10,000 saved. 
 
 However, the total percentage of millennials with nothing or less than $10,000 saved has shrunk to 57 percent this year from 71 percent in 2017. And the percentage of this generation with $300,000 or more saved has grown to 9 percent from 5 percent. 
 
 Q: By your best estimate, how much money do you have saved for retirement? Ages $0 Less than $10,000 $10,000 to $49,999 $50,000 to $99,999 $100,000 to $199,999 $200,000 to $299,999 $300,000 or more 18-34 18.18% 39.16% 6.69% 11.59% 8.69% 6.69% 8.99% 35-54 12.46% 24.43% 7.38% 15.35% 12.76% 10.67% 16.95% 55+ 10.56% 22.21% 5.98% 10.86% 14.64% 12.35% 23.41% 
 
 Adults 55 and over, on the other hand, have the highest percentage of respondents who have saved $300,000 or more — 23 percent. 
 
 However, about one-third have less than $10,000 saved. That means these baby boomers need to catch up on retirement savings if they won’t have other sources of retirement income beyond Social Security. 
 
 Americans Say They Don’t Make Enough to Save Money for Retirement 
 
 To find out why Americans aren’t saving, GOBankingRates conducted a separate survey through Survata. We asked more than 1,000 adults with $0 saved, “Which is the main reason you do not have any retirement savings?” Respondents could choose one of the following responses: 
 
 – I don’t make enough money to save 
 
 – I won’t need retirement savings 
 
 – I’m prioritizing paying down debt 
 
 – Job doesn’t offer a plan 
 
 – Struggling to pay bills 
 
 – Used money for an emergency 
 
 The most common reason respondents gave for not saving for retirement was “I don’t make enough money.” About 40 percent chose this response. The second-most common reason for not saving was “I’m struggling to pay bills,” with about 25 percent of respondents choosing this answer. 
 
 About 10 percent of respondents said they wouldn’t need retirement savings, they used their savings for an emergency and their job doesn’t offer a retirement plan. The least common reason for not saving for retirement was prioritizing paying down debt. 
 
 Meanwhile, women are more likely than men to say that they aren’t saving for retirement because they don’t make enough money — 43 percent versus 36 percent. This helps explain the gap in retirement savings between women and men that our other survey found. 
 
 Women also are more likely than men to say that they aren’t saving for retirement because they’re struggling to pay bills — 27 percent versus 23 percent. However, they are less likely than men to say that they won’t need retirement savings, that their job doesn’t offer a retirement plan or that they had used the money for an emergency. 
 
 Q: Which is the main reason you do not have any retirement savings? Gender I don’t make enough money to save I won’t need retirement savings I’m prioritizing paying down debt Job doesn’t offer a plan Struggling to pay bills (rent, mortgage, car payments) Used money for an emergency Female 43.37% 8.03% 5.82% 8.03% 26.91% 7.83% Male 36.34% 12.87% 5.64% 10.38% 22.57% 12.19% 
 
 Find Out: Why Women Are Relying More on Social Security in Retirement 
 
 Although the top reason for not saving among all age groups was not making enough money, millennials ages 25 to 34 were more likely than other generations to say they don’t have retirement savings because they’re prioritizing debt and their job doesn’t offer a plan. 
 
 Baby boomers ages 55 to 64 are more likely than other age groups to say they aren’t saving because they are struggling to pay bills, with 27 percent of respondents in this age group choosing this answer. Gen Xers ages 35 to 44 are more likely than other age groups to say they’re not saving because they won’t need retirement savings. And adults 65 and older are the most likely to say they don’t have retirement savings because they used the money for an emergency. 
 
 Q: Which is the main reason you do not have any retirement savings? Ages I don’t make enough money to save I won’t need retirement savings I’m prioritizing paying down debt Job doesn’t offer a plan Struggling to pay bills (rent, mortgage, car payments) Used money for an emergency 25-34 31.90% 10.34% 11.21% 12.93% 24.14% 9.48% 35-44 42.48% 14.16% 4.42% 11.50% 20.35% 7.08% 45-54 39.78% 13.44% 3.76% 8.06% 25.81% 9.14% 55-64 43.07% 7.66% 4.01% 8.03% 27.37% 9.85% 65+ 39.68% 9.13% 7.14% 8.33% 23.81% 11.90% 
 
 The Good News: Retirement Saving Habits Seem to Be Improving 
 
 Although the 2018 Retirement Savings survey found that 42 percent of Americans might retire broke, that percentage has shrunk from years past. The 2017 Retirement Savings survey found that 55 percent of adults had less than $10,000 in savings. And the 2016 Retirement Savings survey found that 56 percent of Americans had less than $10,000 saved. 
 
 Retirement Savings Trends, 2016-2018 Year % of Americans with $0 saved % of Americans with less than $10K saved 2016 33% 23% 2017 34% 21% 2018 13.73% 28.59% 
 
 What’s even more encouraging is the decline in the percentage of Americans with $0 saved. In both 2016 and 2017, the percentage of Americans with nothing saved was more than twice of the approximately 14 percent with no savings in 2018 — 33 percent and 34 percent, respectively. 
 
 Plus, the percentage of Americans with bigger savings account balances has grown: 
 
 – 13 percent have $50,000 to $99,999 saved in 2018 compared with 8 percent in 2017 and 2016. 
 
 – 12 percent have $100,000 to $199,999 saved versus 7 percent in 2017 and 8 percent in 2016. 
 
 – 10 percent have $200,000 to $299,999 saved compared with 5 percent in 2017 and 2016. 
 
 – 16 percent have $300,000 or more saved versus 14 percent in 2017 and 13 percent in 2016. 
 
 Take Steps Now to Have a Golden Retirement Later 
 
 If you have little to no retirement savings, one of the best ways to save more for retirement is to calculate how much you need. 
 
 You might not be making retirement savings a priority because you don’t realize how much a comfortable retirement will cost you. You can find free retirement calculators on the websites of investment firms such as Fidelity and Vanguard. If you have a retirement plan at work, the plan administrator might even offer a retirement calculator. 
 
 Financial planners typically recommend saving 10 percent to 15 percent of your income annually to save enough for a comfortable retirement. If you’re not setting aside this much, review your spending to see what nonessential expenses can be cut so you can boost retirement contributions. And don’t forget to increase contributions with each pay raise. 
 
 If you don’t have a workplace retirement plan, you can open an IRA or Roth IRA through an investment firm such as Fidelity, T. Rowe Price or Vanguard. If you’re self-employed, you can save for retirement with a SEP or solo 401k, which also can be opened at an investment firm. 
 
 But if you’re already close to retirement age and don’t have much saved, you can stretch your retirement savings by working longer. Other options include getting a part-time job in retirement or relocating to a place with a lower cost of living — perhaps even outside the U.S. 
 
 Up Next: How Long $1 Million Will Last in Every State 
 
 Methodology: The GOBankingRates survey posed the question, “By your best estimate, how much money do you have saved for retirement?” Respondents could select one of the following answer options: 1) “Less than $10,000”; 2) “$10,000 to $49,999”; 3) “$50,000 to $99,999”; 4) “$100,000 to $199,999”; 5) “$200,000 to $299,999”; 6) “$300,000 or more”; or 7) “$0.” Responses were collected through three separate Google Consumer Surveys conducted Feb. 6-9, 2018, and responses are representative of the U.S. online population. Each survey targeted one of three age groups: 1) ages 18 to 34, 1,001 respondents; 2) ages 35 to 54, 1,001 respondents; and 3) age 55 and over, 1,003 respondents. 
 
 An additional survey was conducted to target people who have no retirement savings and find out why. A screener question was used to collect responses only from 1,000 respondents who said they do not have retirement savings. Respondents were then asked, “Which of the following is the main reason you do not have any retirement savings?” Respondents could select one of the following answer options: 1) “I don’t make enough money to save”; 2) “I won’t need retirement savings”; 3) “I’m prioritizing paying down debt”; 4) “Job doesn’t offer a plan”; 5) “Struggling to pay bills”; or 6) “Used money for an emergency.” Responses were collected by a survey conducted Feb. 6-9, 2018, using Survata. Survata categorizes the ages of their respondents in the following groups: 1) 25 to 34, 2) 35 to 44, 3) 45 to 54, 4) 55 to 64, 5) 65 and over. ||||| For release at 12:00 p.m. EDT 
 
 In its new Report on the Economic Well-Being of U.S. Households, the Federal Reserve Board provides a snapshot of the self-perceived financial and economic well-being of U.S. households and the issues they face, based on responses to the Board's 2013 Survey of Household Economics and Decisionmaking. The report provides insight into numerous topics of current relevance to household finances, including: housing and living arrangements; credit access and behavior; education and student loan debt; savings; retirement; and health expenses. 
 
 Overall, the survey found that as of September 2013 many households were faring well, but that sizable fractions of the population were at the same time displaying signs of financial stress. Over 60 percent of respondents reported that their families were either "doing okay" or "living comfortably" financially; although one-fourth said that they were "just getting by" financially and another 13 percent said they were struggling to do so. The effects of the recession also continued to be felt by many households, with 34 percent reporting that they were somewhat worse off or much worse off financially than they had been five years earlier in 2008 and 34 percent reporting that they were about the same. 
 
 The outlook for the housing market among homeowners appeared generally positive, as many homeowners expected house prices in their neighborhoods to increase over the 12 months following the survey, with 26 percent expecting an increase in values of 5 percent or less and 14 percent expecting an increase in values of greater than 5 percent. Less than 10 percent of homeowners expected house prices in their neighborhoods to decline over the 12 months following the survey. Many renters seemed to express an implied interest in homeownership, as the most common reasons cited by renters for renting rather than owning a home were an inability to afford the necessary down payment (45 percent) and an inability to qualify for a mortgage (29 percent). Ten percent of renters reported that they were currently looking to buy a home. 
 
 The availability of credit was still perceived to be relatively low by some respondents in September 2013. While 31 percent of survey respondents had applied for some type of credit in the prior 12 months, one-third of those who applied for credit were turned down or given less credit than they applied for. Moreover, 19 percent of respondents put off applying for some type of credit because they thought they would be turned down. Just over half of respondents were confident in their ability to obtain a mortgage, were they to apply. Experience and expectations with credit appear to vary by race and ethnicity. However, this effect is partially explained by other factors correlated with race/ethnicity and credit, such as education levels. 
 
 As of September 2013, education debt of some kind was held by 24 percent of the population, with 16 percent having acquired debt for their own education, 7 percent for their spouse/partner's education, and 6 percent for their child's education. Of those with loans of each type, the average amount of debt for respondents' own education was $25,750, for their spouse/partner's education $24,593, and for their children's education $14,923. Of those who reported having debt for their own or a family member's education, the average total of all education debt was $27,840, with a median of $15,000. Some households struggle to service this debt, with 18 percent indicating that they were behind on payments in some way for their education debt, including 9 percent with loans in collections. 
 
 Among those with debt for their own education, those who failed to complete the program they borrowed money for were far more likely to report having to cut back on spending to make their student loan payments and that the costs of the education outweighed any financial benefits they received from the education. The amount of debt acquired, and the self-perceived value of the education, also varied by the type of institution attended. 
 
 The survey results suggest that many households are not adequately prepared for retirement. Thirty-one percent of non-retired respondents reported having no retirement savings or pension, including 19 percent of those ages 55 to 64. Additionally, almost half of adults were not actively thinking about financial planning for retirement, with 24 percent saying they had given only a little thought to financial planning for their retirement and another 25 percent saying they had done no planning at all. Of those who have given at least some thought to retirement planning and plan to retire at some point, 25 percent didn't know how they will pay their expenses in retirement. 
 
 The Great Recession pushed back the planned date of retirement for two-fifths of those ages 45 and over who had not yet retired, and 15 percent of those who had retired since 2008 reported that they retired earlier than planned due to the recession. Among those ages 55 to 64 who had not yet retired, only 18 percent plan to follow the traditional retirement model of working full time until a set date and then stop working altogether, while 24 percent expected to keep working as long as possible, 18 percent expected to retire and then work a part-time job, and 9 percent expected to retire and then become self-employed. 
 
 The survey was conducted on behalf of the Board by GfK, an online consumer research firm. Data collection began September 17, 2013, and concluded on October 4, 2013. Just over 4,100 respondents completed the survey. The report summarizing the survey's key findings may be found at: www.federalreserve.gov/econresdata/2013-report-economic-well-being-us-households-201407.pdf 
 
 Report on the Economic Well-Being of U.S. Households (PDF) 
 
 Report on the Economic Well-Being of U.S. Households - Supplemental Appendix (PDF) 
 
 For media inquiries, call 202-452-2955
– Here's a scary stat for you, spotted by the Washington Post: About 1 in 5 people nearing retirement have no money for retirement. It comes from a newly released survey by the Federal Reserve of about 4,100 Americans. In total, 31% had saved no money for retirement, though the figure improved to 19% for those ages 55 to 64. What's more, 20% of people over 60 said retirement planning hadn't even crossed their minds, which probably explains why 24/7 Wall St. calls this "the next crisis." Another depressing find: Some 40% of non-retirees 45 and over have had to delay their pre-recession retirement plans. The problem doesn't just boil down to poor planning. "Many respondents, particularly those with limited incomes, indicated that they simply have few or no financial resources available for retirement," researchers say. In particular, a quarter of respondents said they were "just getting by," while 13% said they were struggling, CBS News reports. About 45% of people said they planned to rely on Social Security to pay the bills in retirement, while 25% gave the following answer: "I don't know." Just as many said they expected to work as long as they could, and another 18% planned to get a part-time job after retiring.