A new report from the Federal Reserve paints a bleak picture of America's retirement savings. Almost a quarter of adults in the U.S. have no retirement savings or pension at all, according to the Fed's 2018 Report on the Economic Well-Being of U.S. Households, and just 36% percent of non-retired adults think that their retirement saving is on track. The report also found that a third of middle-class adults can't afford to cover a $400 emergency. Of non-retired adults with savings, 54% say they have money in a 401(k) or 403(b) plan, 33% have an individual retirement account and 22% have a pension. Retirement preparedness, of course, varies by age. Young workers aged 18 to 29 are less likely to have savings, with 42% saying they have nothing stashed away, while 17% of those aged 45 to 59 say the same thing.

A bipartisan bill passed by the U.S. House of Representatives on Thursday, May 23, could help Americans save more. The Secure Act would make it easier for small businesses to offer 401(k) plans and eliminates the maximum age to contribute to IRAs, which is currently 70½. The bill would also require businesses to make retirement accounts available to long-term, part-time workers. The bill is now heading to the Senate.

How to save for retirement