42% of Americans Have Less Than $10,000 Saved For Retirement

April 18, 2018, 2:44 PM UTC

The golden years are likely to be tarnished for nearly half the country.

A new survey from GoBankingRates finds that 42% of Americans have saved $10,000 or less for retirement, while 14% have absolutely no money put away.

It gets even worse for millennials. Nearly 19% of people between 18-34 have yet to save a single dollar for retirement, according to the site.

The study of more than 1,000 adults found that the top reason for the paltry savings numbers was they simply didn’t earn enough to put money away.

On the positive side, some 16% of the people surveyed said they have $300,000 or more set aside for retirement. And 10% say they have between $200,000 and $300,000.

Men are more likely than women to have larger retirement account balances, the site found. Forty-five percent of women have no savings or $10,000 or less, versus 40% of men.

That’s better than the past two years, though. In 2017, 58% of women had either no savings or less than $10,000. The previous year, that number was 63%.

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