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GAO-19-442R 1 (2019-03-26)

handle is hein.gao/gaobadvsa0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 March 26, 2019 The Honorable Bernard Sanders Ranking Member Committee on the Budget United States Senate Retirement Security: Most Households Approaching Retirement Have Low Savings, an Update Dear Mr. Sanders: Our 2015 report, Retirement Security: Most Households Approaching Retirement Have Low Savings,1 included estimates on the percentage of households aged 55 and over with selected financial resources. To produce these estimates, we analyzed retirement savings data from the 2013 Survey of Consumer Finances, the latest available data at that time.2 You asked us to update these estimates using 2016 Survey of Consumer Finances data, which were released in September 2017. The table below provides the updated estimates, as well as those from the 2013 survey. For details on how we produced these estimates, please refer to our 2015 report. We conducted our work from February 2019 to March 2019 in accordance with all sections of GAO's Quality Assurance Framework that are relevant to our objectives. The framework requires that we plan and perform the engagement to obtain sufficient and appropriate evidence to meet our stated objectives and to discuss any limitations in our work. We believe that the information and data obtained, and the analysis conducted, provide a reasonable basis for any findings and conclusions in this product. Table: Percentage of Households Aged 55 and Over with Selected Financial Resources Household financial resources 2013 2016 No retirement savings 52 48 No retirement savings and no defined benefit (DB) plan' 29 29 A DB plan but no retirement savings 23 20 Retirement savings but no DB plan 23 26 Retirement savings and a DB plan' 25 26 Source: GAO analysis of 2013 and 2016 Survey of Consumer Finances. I GAO-19-442R Note: All estimates have 95 percent confidence intervals of within 2 percentage points of the estimate. aThe change from 2013 to 2016 was not statistically significant. 1 GAO, Retirement Security Most Households Approaching Retirement Have Low Savings, GAO-i 5-419 (Washington, D.C.: May 12, 2015). 2 The Survey of Consumer Finances is published by the Board of Governors of the Federal Reserve System. GAO-1 9-442R Financial Status of Older Americans (Update) Page 1

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