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

In addition, nearly half of adults were not actively thinking about financial planning for retirement, with 24 percent saying they had given only little thought to financial planning for their retirement and another 25 percent 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 percent said they didn’t know how they will pay their expenses in retirement.

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