I read recently that only 5 percent of people age 65 and older can afford to retire. Is that true?
From time to time, staff at the Bureau of Labor Statistics are asked something along the lines of the following question: “I read in a recent article that, according to the Bureau of Labor Statistics, out of 100 people that start working at the age of 25, by the time they turn 65, 60 percent depend on Social Security or charity, 29 percent are deceased, 4 percent can afford to retire and 1 percent is wealthy. It goes on to say that 95 percent of people age 65 or older cannot afford to retire. I have been to the Bureau of Labor Statistics web site and have been unable to find the documentation for this information. Can you help me locate it?” A brief search of the Internet does indeed turn up several references like this that are attributed generally to the Bureau of Labor Statistics, but none of these references ever cites a specific Bureau of Labor Statistics report or news release. Neither the Bureau of Labor Statistics nor any other agency of the U.S. Department of Labor has ever pr
