Posted on 02/10/2026 6:40:28 AM PST by Diana in Wisconsin
New data from the National Institute of Retirement Security shows that the average American worker has less than $1,000 saved for retirement. This stark figure highlights the financial strain that millions of Americans could face as they approach their later years.
The figure of less than $1,000 saved includes workers with retirement savings accounts such as 401(k) plans, as well as approximately 56 million U.S. workers who currently lack access to any employer-sponsored retirement plan.
Americans say they need roughly $1.5 million to retire comfortably, and the average savings for all employed adults aged 21 to 64 is just $955. For those who do have retirement savings, the average balance stands at about $40,000—far below the amount many consider necessary for a secure retirement.
Millions of seniors rely heavily on Social Security benefits, which provide about half of the typical senior's annual income. However, Social Security faces a significant funding shortfall. If Congress does not act, beneficiaries could face a cut of roughly 20% starting in 2034.
Meanwhile, the Trump administration is introducing "Trump Accounts" aimed to help millions of children save money over time to eventually buy a home, fund education, or start a business. The accounts could also be used for retirement savings.
While "Trump Accounts" may benefit future workers, the current retirement system continues to exclude millions of Americans who lack access to 401(k)s and similar employer-sponsored plans.
They already are…..with the recent changes forcing RMD distributions (although they pushed it back a year),,,,,and limiting the time heirs have to receive, and pay taxes on, any 401k/IRA amounts they received.
I suspect that it is a lot closer to Mr. Kenderdine has dedicated his career to having the public service him.
LOL, didn’t take more than moving a word or two around to getting at the accurate assessment! Now that’s efficiency!
Sigh. I have been saying that for years. It hasn’t happened quite yet, but I cannot shake the certainty that it is going to.
But I would be happy to be wrong on this.
Trump has been in office for 5 years.
I would think most retirees have had 40 years to put away a little cash.
What were they doing the other 35 years?
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