Most workers who aren’t saving for retirement through their employers aren’t saving at all, the study found

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.

  • RememberTheApollo_@lemmy.world
    10·
    4 hours ago

    This is a terrible stat. Taking the people who are entering the workforce and averaging them with people who have spent a lifetime working.

    The information would be far more realistic if it were grouped by decade of life.

    Here. This is a little better

    • SoleInvictus@lemmy.blahaj.zone
      3·
      2 hours ago

      Median, not average, so much better at showing this situation than mean but it’s still not great. I agree that it should be broken up, but the difficulty is how you define the grouping will have a significant impact on the results, especially in early and later years.

      I’d prefer median by age graphed by age. Average by any grouping will skew heavily if there is a lot of variance, and I absolutely expect there is in the US.