Retirement savings black hole revealed with 1 in 5 having nothing saved

Millions of Americans have retired with no savings at all, while many more have less than the US average wage to support them in their later years.

But for those that have prepared their finances well, retirement is largely meeting or exceeding expectations, according to a new survey published this week.

CNBC’s survey also reveals that 40% of current workers are behind with their retirement savings, risking a bleaker post-work life than they had been planning for. The reasons are debt, lack of income, and starting to save later than they should have done.

Also, 23% of current workers say they have no retirement plan, but 52% expect to continue working in some capacity beyond retirement age.

Looking at those already retired, 21% have saved nothing and 15% have less than $50K. More than two thirds of respondents had at least $250K saved while 20% had between $50K and $250K.

Among those with no retirement savings, Black and Hispanic respondents were more likely to be in this position.

For those who did not save, 78% rely on Social Security, while 17% rely on a pension plan and the same percentage relies on government assistance.

Meanwhile, 59% of those who saved more than $1 million have at least some passive income from their assets, along with 36% of those with $250K-$1M saved and 18% of those with savings between $50K and $250K.

Working is another common option with 28% of poll participants continuing to do so to supplement their retirement funds. However, most of these (17%) work because they want to rather than because they have to (11%).

Among top concerns for retirees are illness and declining health along with fears that they will outlive their retirement funds.  Just 13% of retirees said they have saved more than they need for retirement, one third have about the right amount, and 53% say they should have saved more.