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.
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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.
“”””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. “”””
This statistic makes no sense. 21 year old people rarely have any savings.
What are the savings of people in the 45 to 64 age range?
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.
21 and no retirement savings!
Always consider the source.
True, these people still have access to IRAs.
People are stupid or ignorant.
It used to be that families took care of their elders.
Now that responsibility belongs to the State.
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 .
“the average savings for all employed adults aged 21 to 64 is just $955.”
That’s a huge age span. The younger aged people probably have no savings & pull the older adults’ numbers down. Try again.
I dont think I have enough, then again, I’m not living like an upperclass person either.
I do know a few people around my age who drive $60k+ trucks and SUVs but have zero in the bank.
Savings? I got some left over green stamps. Or, are we talking about being ‘saved’? 😊👍🙏
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.
It isn't a reason at all. How hard is it to call up a bank or investment firm and open an IRA?
21-64 includes college kids who haven’t graduated yet....stupid metric.
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