I’m not sure I believe this…it seems probably leans heavily on those that are taking from the government and don’t work consistently. $955 total savings…sorry, not buying it. I know most Americans are stupid but not that stupid.
I agree with you. This number sounds fishy. I suspect that most Americans have a couple hundred thousand saved for retirement plus their house. You would have to be incredibly unlucky to be in your 60s and only have $1,000 saved; that would classify you as poverty level. Or it would mean that you have a good job and burn through all your income every year, which would classify you as incredibly stupid.
“all employed adults aged 21 to 64 is just $955.”
It’s not the information that’s bad, it’s the sample. People in their 20’s haven’t had time to save money and shouldn’t be included. Many in their 30’s are living high and showing off, that’s THEIR choice.
Also, There are probably millions of uneducated foreigners being sampled as well. They are already rich in their minds and don’t need savings. They are having the time of their lives.
Lies, damn lies, and statistics.
To the left they’re more likely to bring up paycheck to paycheck or the $400 emergency room visit.
Still they have money for tattoos.
Trump should announce in January-welfare shall end in one year. To stay on it one has to prove in person that they don’t have a tattoo. Let Bill Clinton be the observer.
Always consider the source.
You can make statists read what ever you want. When I was ten I might have had 15 dollars to my name. My dad had a car, does that me the average person cant afford to even drive a car?
2+ y.o.s dont have any savings because they dont even have any furniture, and are just getting started in life.
how about the average white 65 y.o. married mans average savings? Ill bet its more than $995 .
You need to lower your expectations on how stupid people are. There are a lot of people who live hand to mouth. Some have no choice, many do have a choice
I know a lot of these type of articles come from data provided by places like Fidelity who manage 401Ks so they have data but the assumption that people without 401Ks save nothing is sketchy at best.
I am skeptical about how this average is being arrived at. I suspect they took all Americans of retirement age 65, and took their average off of that.
Also, I view the organization that produced this with a skeptical eye. They are the National Institute of Retirement Security.
The guy in charge, Dean Kenderdine sounds like a total leftist (note the reference to his role with Sen. Barbara Mikulski) Here is his history from a web search:
Mr. Kenderdine has dedicated his career to public service. Most recently, Dean served over 14 years as the executive director of the Maryland State Retirement Agency, which administers the Maryland State Retirement and Pension System, the defined benefit plan for more than 412,000 state and local public servants, including over 146,000 teachers and school personnel. During his service to his system, Dean was a very active member NCTR, and other national organizations dedicated to preserving retirement security for public employees. Dean has served in a leadership capacity for NCTR, the National Association of State Retirement Administrators, National Institute on Retirement Security and the International Foundation of Employee Benefit Plans. Dean’s previous responsibilities have included serving as Chief of Staff for the Comptroller of Maryland, as Assistant Secretary of Tourism, Film and the Arts for the Maryland Department of Business and Economic Development, as District Director and State Director for United States Senator Barbara A. Mikulski, and as Program Director for the Maryland Department of Human. Resources. Over his career, Dean has served as a member of the board of directors for a number of non-profit organizations, and presently serves on the board of Goodwill Industries of the Chesapeake.
I am skeptical of any financial or retirement advice from any Leftist, especially one so entrenched in the retirement affairs of teachers and government employees, and especially one that served the needs of Leftist non-profits and the likes of the former Senator Mikulski.
I have absolutely zero doubts this study was presented with a purpose to serve the Left.
I know a bunch that are that stupid. I have a 50 year old grand son that has cable and high speed iternet but no retirement savings.
Poorly researched article. Average includes people who’re just starting in the workforce and soon to be retirees. Somebody who’s between 22 and 26 and just starting will begin with nearly nothing and gradually build his or her net worth from there, just as I did. By age 60, with compounding earnings, it can be a lot. The arricle would have been far better if it had focused on people 50 and over.
I think this is the money quote: "However, Social Security faces a significant funding shortfall. If Congress does not act, beneficiaries could face a cut of roughly 20% starting in 2034."
Oh no! SS funding shortfall! Congress MUST act!
Agree. The article focuses strictly on retirement savings and paints an ugly picture, but there are other assets that people have such as ownership of small businesses, stocks and bonds, homes and other properties, inheritances, etc. that can help to fund retirement.