Fact Check: "About 30% of Americans over age 59 have no retirement savings."
What We Know
The claim that "about 30% of Americans over age 59 have no retirement savings" has not been substantiated by credible sources. According to various studies and reports, the percentage of older Americans without retirement savings varies significantly based on the definitions and methodologies used. For instance, a report from the National Institute on Retirement Security indicates that approximately 45% of working-age households (ages 25-64) do not have any retirement account savings, but it does not specifically break this down by age 59 and older (NIRS).
Additionally, the Employee Benefit Research Institute (EBRI) has reported that about 30% of individuals aged 55-64 have no retirement savings, which may contribute to the confusion surrounding this statistic (EBRI). However, this figure does not directly correlate with the claim about those over age 59.
Analysis
The claim lacks a specific source and context, making it difficult to verify its accuracy. The statistics regarding retirement savings are often derived from surveys and studies that may define "retirement savings" differently. For example, some studies may include only those with formal retirement accounts, while others might consider any form of savings or assets as relevant.
The National Institute on Retirement Security's findings highlight a broader issue of retirement savings in the U.S., but they do not confirm the specific claim about the 30% figure for those over 59. Similarly, while the EBRI's statistics do suggest a significant portion of older Americans lack retirement savings, they do not provide a clear consensus that directly supports the claim as stated.
Furthermore, the reliability of the sources cited in this analysis is generally high, as both the NIRS and EBRI are respected organizations in the field of retirement research. However, the lack of a direct source for the claim itself raises questions about its validity.
Conclusion
Verdict: Unverified
The claim that "about 30% of Americans over age 59 have no retirement savings" cannot be confirmed with the available data. While there are statistics indicating a significant portion of older Americans lack retirement savings, the specific figure of 30% for those over 59 is not substantiated by credible sources. The context and definitions of "retirement savings" vary, which complicates the verification of this claim.
