Friday, August 08, 2014
Federal Reserve survey shows that 1 in 5 people have zero savings as they approach retirement
A study released by the Federal Reserve on August 7 showed that 20% of workers have zero savings as they approach retirement. The Fed’s own story is here. Jonnelle Marte has a story on this item in the Washington Post Wonkblog on Friday, link here. The results came from a survey of 4100 people. The biggest source of income for such workers will be Social Security. One third said they had delayed their retirement during or after the 2008 financial crisis. Only 18% envisioned a traditional retirement. Many people wind up going into commission sales jobs that turn out to be manipulative or cheesy. But a few companies have done a good job of hiring seniors as valued help, like Home Depot.