Millions Near Retirement Age Have No Savings

Stats released by the US Census Bureau this year translate to an unpleasant reality: Millions of Americans near the age of retirement have no savings. And it's more true for women than men. Some of the numbers:

• Roughly 50% of women age 55 to 66 reported no personal retirement savings in 2017, while 47% of men were in the same boat.
• In the same age group, 22% of women had $100,000 or more in savings, while about 30% of men did.

• Marriage appears to be a factor. For both genders, those who have never married were more likely to have no savings (60%), compared to those who have married once (35%) or two or more times (40%).
• Those who married once were more likely to have at least $100,000 (40%), compared to those who never married (20%) or married more than once (33%).

CBS News dove into all this in an interview with 66-year-old Maryann O'Connor of Rhode Island. Instead of enjoying a retirement, O'Connor is working two jobs because she has no savings, not even enough to cover an emergency. She sold her home and bought a smaller one with two other women, a move she called one of "life and death." For years, O'Connor was a single mom who raised three adopted children. "I wish I had started earlier," O'Connor says of saving money. Her advice for younger people? "I would now say that they need to start planning as early as they can."