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.
While I think, technically, strictly correct, the big question wild be how much they could realistically “save”, and in such a hypothetical, would it really be significantly more encouraging results.
Our, realistically speaking we are generally already looking at that reality, with people putting aside a relative pittance but still feeling that they live paycheck to paycheck, largely ignoring anything that goes toward retirement.
I get it, I’ve had relatives buy stupid expensive pickups or muscle cars with obscene payment plans while barely keeping their heads above water, but even the more careful ones barely scrape by.