About 27% of people who are 59 or older have no retirement savings, according to a new survey from financial services firm Credit Karma.
, they'll throw out a big number: $1.25 million, to be exact. But in reality, most workers are far from reaching that goal — and there's a significant chunk of older people who are nearing their golden years without a penny in retirement savings.
The findings come at a time when lawmakers are discussing the health of the Social Security program, whose trust fund is slated to be . That would result in a dramatic cut in benefits, with the 67 million retirees who depend on the program receiving only 77 cents for every $1 in benefits — a reduction that would hit the poorest Americans hardest, including those who have nothing saved for retirement.
"With Social Security, you should hope for the best but prepare for the worst," noted Dave Goodsell, executive director at the Natixis Center for Investor Insight. About 1 in 5 people over 59 don't have a retirement account, the highest share of any generation, Credit Karma said.
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