Close to half of American households over the age of 55 still have no retirement savings, according to the U.S. Government Accountability Office.
div > div.group > p:first-child"> Those were the findings in a new report from the U.S. Government Accountability Office. In all, 48 percent of those individuals have no savings in a workplace retirement plan or in an IRA as of 2016, the GAO found.
In 2013, about 52 percent of households over age 55 had nothing saved for retirement, the federal agency found. Older savers can also put away more money in an IRA. The contribution limit for IRAs is $6,000 in 2019, and people who are 50 and up can save an additional $1,000. There's no requirement that you use up all of your funds in any one year, so your savings can grow over time.
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