Federal Reserve data shows 46% of Americans held no retirement accounts in 2022, increasing reliance on Social Security benefits.
A Federal Reserve survey revealed that only 54% of Americans had retirement account assets in 2022, leaving nearly half without savings. The gap is most pronounced among low-wage workers in retail, hospitality, and food service sectors, where employer-sponsored plans are scarce or unavailable.
Social Security remains the primary income source for retirees, with over 72 million people receiving benefits in 2024. Women account for 55% of beneficiaries, reflecting broader economic disparities. Rising living costs and healthcare expenses have fueled retirement anxiety, with 69% of non-retired Americans worried about financial security.
The data underscores systemic challenges in retirement preparedness, particularly for workers in industries with limited access to savings plans. Policy discussions may intensify as demographic shifts increase pressure on public benefits.