Half of all private-sector workers in the U.S. have no access to a retirement plan, study finds

Americans are continually encouraged to sock away money in a 401(k) or other retirement plan to ensure a comfortable, if not cushy, life in their later years. Yet about half of all U.S. workers in the private sector lack access to an employer-sponsored retirement plan, a huge obstacle in building enough wealth to retire, a recent study finds. 

About 56 million workers at businesses across the U.S. are unable to save via a retirement plan through their jobs, according to the analysis from the Pew Charitable Trusts. And while these employees can in principle save money on their own, many are forced to prioritize putting food on the table and paying the bills in the present over building a nest egg for the future, the study found. 

The findings underscore the widening divide between the retirement haves and have-nots, with almost 30% of Americans over age 59 lacking any savings to fall back on when they stop working. Employer-sponsored accounts like 401(k)s can help workers save because the money is taken out of paychecks automatically on a pre-tax basis, while many employers also provide a company match, which helps boost savings.