Americans with no retirement account include 40% of workers near 65
AARP data cited by Apollo shows 40% of private-sector workers ages 55 to 65 lack a retirement plan as retirement costs rise.
By Hana Yoshida · Markets Reporter
3 min read
The share of Americans with no retirement account remains high even among workers nearing traditional retirement age, according to AARP data analyzed by Torsten Slok, chief economist at Apollo Global Management. The analysis found that 40% of private-sector workers ages 55 to 65 do not have a retirement plan, raising questions about how many older Americans can afford to leave work.
The gap is broader than one age group. Slok’s April analysis of AARP data found that nearly half of working-age Americans in private-sector jobs lack a retirement account.
Younger workers had the highest share without a plan: 57% of people ages 18 to 34, including Gen Zers and younger millennials. The figures were also high among older workers, with 43% of those ages 34 to 44 and 41% of those ages 45 to 54 lacking a retirement plan, according to the analysis.
How many older Americans have no retirement account?
Among private-sector workers ages 55 to 65, 40% do not have a retirement plan, according to the AARP data cited by Apollo’s Slok. That group includes many Gen X workers and some baby boomers who are close to, or already at, the point when retirement decisions become immediate.
A retirement account can include employer-based plans such as a 401(k) or other savings vehicles set aside for post-work income. Without one, workers may depend more heavily on Social Security, wages from continued work or other assets after they leave full-time employment.
Workers are tapping retirement savings early
Separate research suggests some workers who do have retirement savings are using them before retirement. Payroll Integrations said in a 2025 report that 38% of workers across generations had withdrawn money from retirement accounts.
The report found younger adults were the most likely to take early withdrawals, with nearly half of Gen Z respondents having used retirement funds. Payroll Integrations also reported that 31% of millennials and 41% of Gen Xers and baby boomers had taken money from retirement savings, often because of emergencies or debt.
Pressure on household budgets is one reason saving can be difficult. The financial strain described in the reports includes housing, child care and grocery costs taking up much of workers’ income.
More Americans are working past 65
Older Americans are staying in the labor force at much higher rates than in past decades. Pew Research Center said in a 2023 analysis that the number of people working beyond age 65 in the United States has quadrupled since the 1980s.
Retirees also report concern that their money may not last. D.A. Davidson said in a 2025 survey that more than two in five retired Americans, or about 20 million people, were worried their savings would not support the retirement lifestyle they wanted.
Schroders reported in a 2025 study that nearly 20% of U.S. retirees described themselves as “struggling” or “living the nightmare.” The same study found that 5% said they were “living the dream.”
What do Americans think they need to retire?
BlackRock surveyed U.S. voters earlier this year and found that respondents believed, on average, they would need about $2.1 million to retire comfortably. The firm also found that 62% of respondents had less than $150,000 saved for retirement.
BlackRock CEO Larry Fink wrote in his 2025 annual shareholder letter that “almost no one” is close to that target. He cited longer lifespans and rising senior care costs as pressures on retirement planning, and said the problem would intensify as older Gen Xers reach retirement because they are the first generation chiefly reliant on 401(k) plans.
This story draws on original reporting from Fortune.