“...for all employed adults ages 21 to 64...”.
Well, the workers in their 20s are definitely dragging down the median.
Moreover, when they say retirement savings, they mean strictly 401K and IRA assets. Many working adults have other types of assets, such as real estate, bank accounts, brokerage accounts, business equity, etc. These assets are not specifically marked as retirement assets, but can be very useful when you retire.
Saved all I have now since retirement with no help from any company retirement. Never had one. It isnt much, but I got it all from frugal spending on S.S. income, so it can be done. Just don’t plan on getting rich. You will always have to be careful with ANY of your spending.
“Well, the workers in their 20s are definitely dragging down the median.”
Both lower and higher savers skew the Average; the Median is simply the middle point of the data population, and is not skewed; half of the savers are above, and half are below.
Regardless, people do not pay themselves for the future. Big mistake!! I learned this tonight and about drove off of the road when my 59 year old sister told me she only has $7,000 saved for retirement.
I told her, you’d better get on it and now!