40% of Americans Near 60 Have No Retirement Account: AARP

The retirement math is not working for a large slice of American workers. New AARP data flagged by Apollo Global Management’s chief economist Torsten Slok shows that roughly four in ten workers approaching retirement age have no retirement account at all, leaving Social Security as the entire plan.

The numbers behind the crisis

AARP data analyzed by Apollo’s Slok shows nearly half of working-age Americans in the private sector don’t have a retirement account. The gap widens the younger you go, but the problem does not spare workers nearing the finish line.

About 57% of Gen Zers and young millennials aged 18 to 34 do not have a plan set up, and about 43% of Americans aged 34 to 44 employed by private companies do not have a retirement plan in place, as well as 41% of those 45 to 54 years old, and 40% of U.S. workers in the 55-65 bracket.

Why savings have stalled

The majority of Americans say they’re living paycheck-to-paycheck; as housing costs, child care, and groceries gobble up a majority of workers’ income, setting funds aside for retirement can feel like a tall order.

About 38% of professionals across all generations have withdrawn money from their retirement accounts, according to a 2025 report from Payroll Integrations. And Gen Zers still grinding for a decent wage were the most likely to tap those balances early.

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Social Security becomes the whole plan

About 40% of Americans between the ages of 55 and 65 have zero retirement savings, making Social Security their sole income source in retirement. That is a fragile setup given the program’s funding timeline and rising healthcare costs.

Delaying Social Security from 62 to 70 swings monthly benefits by over $1,000, then compounds upward with every annual COLA. Working longer simultaneously delays claiming, builds a cash cushion, and preserves health insurance until Medicare kicks in at 65.

The market read-through

A workforce with thin retirement balances is a workforce more sensitive to inflation, wage growth, and asset prices. It also means asset managers and record-keepers with auto-IRA and small-plan reach have a very large addressable market, while consumer names exposed to older, cash-strapped households face a spending headwind.

The problem is expected to worsen as Generation X nears retirement. Expect more policy attention on auto-enrollment, state-run IRA programs, and Social Security reform in coming election cycles. See other news for more.

Options market and stocks to watch

Watch for flow around retirement-plan providers and asset gatherers that benefit from expanded coverage mandates or auto-IRA rollouts:

• BLK — watch for reaction as any policy push toward broader retirement coverage feeds long-duration AUM growth.
• APO — Apollo’s chief economist is driving this narrative; watch for positioning tied to private-market retirement products.
• SCHW — watch for flows as IRA rollovers and small-plan business remain a core growth lever.
• VOYA and PRU — watch retirement-services names for any regulatory or auto-enrollment tailwinds.
• WMT and DG — watch consumer names skewed to older, lower-income shoppers if Social Security becomes the primary income for millions more retirees.

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