I was reading a May 2015 report from the Government Accountability Office (GAO) and it was shocking to me. The report stated that half of households age 55 and older have no retirement savings such as a 401k or IRA. It further went on that of that 50% with no savings, 29% have no Defined Benefit Plan. Apparently they don't call it a pension anymore, it's now a DB. My oldest friend of 58 years is in this predicament. Yes, I've known him since kindergarten. He started saving very late and when we meet for a couple of drinks every few months, he is resigned to working until he dies. He just never was a saver. I understand there are reasons some people had to put off savings, college tuition for the kids, or because of medical expenses they had to dip into their savings, but 50% of the population. That is just unbelievable.