Retirement Savings Crisis Looms for Older Americans

A new survey from Credit Karma reveals that 27% of Americans aged 59 or older have no retirement savings, which is the same share as the overall population. This comes at a time when lawmakers are discussing the health of the Social Security program, whose trust fund is slated to be depleted in 2033. The median retirement savings for baby boomers is $120,000, while they say they need $1.1 million for retirement. The gap between their goals and the reality of their savings could explain why boomers are pushing up their retirement age.