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Is it true that half of older Americans are without retirement savings?

In Andrew Biggs article for Forbes entitled: “No, Half of Older Americans Aren’t Without Retirement Savings”, he disputes the recent claims by the federal Government Accountability Office that 48 percent of U.S households aged 55 and over in 2016 “had no retirement savings.” Mr. Biggs states the Federal Reserve’s Survey of Consumer Finances excludes anyone who has only a traditional defined benefit pension and if we count both retirement accounts and traditional pensions, 72 percent of household age 55 and over have retirement savings. To read his article click here…

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