Retirement Is Forced Upon Roughly a Quarter of Americans

The U.S. Federal Reserve Board's sixth annual survey of household economics determined about 44 percent of Americans said their retirement savings are not on the right trajectory, while 36 percent said they are, reports InvestmentNews . Twenty-five percent said they have no retirement savings or pension whatsoever, while 13 percent of Americans 60 and older have no savings. A common factor was a dearth of financial knowledge and discomfort in making investment decisions. Roughly 25 percent of retirees were forced into retirement due to a lack of available employment, while a greater number cited poor health. To save for retirement, Americans can choose between a 401(k), 403(b), Keogh, or other account through an employer. About 40 percent own assets outside of a retirement account. Over 30 percent are funding an IRA or Roth IRA, and slightly more than 20 percent own a defined-benefit pension via an employer. Last year, close to half of retirees were younger than 62, while 20 percent retired between 62 and 64 years of age.