Nearly Half of Baby Boomers and GenXers Have Nothing Saved For Retirement

German Elderly Population Growing

A new study finds that almost a quarter of us are unprepared for retirement.

A new study by the American Council of Life Insurers finds that almost 25% of adults say they have no retirement savings. With over 10,000 Americans turning 65 everyday, almost half of Baby Boomers and GenXers are facing retirement age without savings.

In May, The House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act or SECURE ACT to expand retirement savings opportunities.

Included in the measure is an effort to create 700,000 new retirement accounts and help 4 million workers in private-sector pension plans at risk of losing future benefits.

Wayne Chopus, President and CEO of the Insured Retirement Institute calls the measure common sense, "Clearly to us, the most comprehensive retirement security legislation we've seen in over a decade, there are a lot of key provisions in there that are good for all Americans and it received overwhelming bipartisan support back in the House."

The Bill now is headed to the Senate.

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