More than half of American households with wage earners haven't saved a penny for retirement, according to a survey by Merrill Lynch & Co.

The brokerage house's fifth annual retirement planning survey found that 46% of preretirees (people 45 to 64 years old) and 35% of those 25 to 44 are saving for retirement.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.