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.
If your employer offers a 401(k) match, not trying to take advantage of that is one of the absolute dumbest financial moves you can make. Yes, I understand people sometimes can’t that’s why I said “try”.
Another move is not investing early. The biggest boost to wealth in retirement is start saving early to take advantage of compounding interest.
I’ll upvote for the “try”. Most people I know in tight spots need the money NOW. They are barely thinking 1 year ahead let alone 40.
I know people like that too. Those same people don’t know how much they spend on anything, don’t know where their money is going, and waste money on entertainment (subscriptions), drugs/alcohol, it other stupid shit. I wish they were more aware of their personal finance because I’d hate to see them when they’re 55 trying to figure it out at the last minute.
I will say this. It annoys me when I see stuff like. Well these folks are stupid so they deserve it. I have definately known folks who can’t do whats necessary to not be messed up in the us and its part of the reason we need real social democratic systems and safety nets. The us has this thing expecting everyone to be a jack of all trades for everything and being smart about every aspect of life. Everyone can’t be a doctor, a lawyers, an accountant, a mechanic, and a all the various trades needed to properly handle property. I mean look whats expected with our taxes. Its nuts. Any society should run such that people can work a job and blow their paycheck every week and still do fine. Maybe not high on the hog but have food and shelter and healthcare and transportation and education if they need it. Because if we don’t we are going to just create a bunch of problems that then get duct tape type solutions which is pretty much what you see in the us.