Covid-19, according to a survey by Transamerica Center for Retirement Studies.Many are too young to collect Social Security, which can begin at 62, or use Medicare, which starts at 65, and don’t have enough money set aside.
Less than half of working Americans over 60 feel their retirement savings are on track, and 13% had no retirement savings, according to a 2019 report by the Federal Reserve.The stock market has recovered its losses from earlier this year, which helps those who have 401(k) or other retirement accounts, but not everyone has those investments.