Many U.S. households are not adequately prepared for retirement, according to a new report from the Federal Reserve that found 31% of non-retired respondents indicating they have no retirement savings or pension, including 19% of those ages 55 to 64.

In addition, nearly half of adults were not actively thinking about financial planning for retirement, with 24% saying they had given only little thought to financial planning for their retirement and another 25% saying they had done no planning at all. Of those who have given at least some thought to retirement planning and plan to retire at some point, 25% said they didn’t know how they will pay their expenses in retirement.

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