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Average American has just $955 saved for retirement, study finds (www.the-independent.com)
submitted 9 months ago by to c/news@lemmy.world
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Most workers who aren’t saving for retirement through their employers aren’t saving at all, the study found

New data suggests the average American worker has under $1,000 saved for retirement.

A report from the National Institute on Retirement Security found that the median savings for all employed adults between the ages of 21 and 64 were approximately $955. The study includes workers with 401(k) and other retirement savings plans, as well as the approximately 56 million workers who do not have access to employer-sponsored retirement plans.

Workers with retirement savings plans have a median balance of approximately $40,000 saved, according to the report. That figure is nowhere near the $1.5 million that Americans say they need to feel comfortable fully retiring.

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[–] 1 point 9 months ago

The $60k represents remaining savings at age 80-89.

Look at the 60-69 column for what people have around the time they start retiring. But not that those are means, not median figures, so are skewed by the US's vast levels of inequality.

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