By James Van Bramer
Source: Plan Sponsor
Though workplace adoption of financial wellness programs has been expanding, millions of workers in their 50s and early 60s remain critically unprepared to fund their retirement, according to a new report from the Institutional Retirement Income Council released Tuesday.
Nearly half of Americans aged 55 to 64 have no retirement savings, according to the Federal Reserve Board’s 2023 Survey of Consumer Finances, which was cited in the report. For those who have accumulated savings, the median account balance is $202,000, insufficient for a retirement that could last more than 20 years, according to the Transamerica Center for Retirement Studies.