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Posted on 02/22/2026 7:24:36 PM PST by Libloather
How's this for a somber retirement forecast: The typical American worker has less than $1,000 saved for retirement, according to a new report from the National Institute on Retirement Security (NIRS).
"The data are clear: Outside of high earners, Americans are choosing survival over savings and hoping to catch up later," NIRS executive director Dan Doonan told Yahoo Finance. "Even for those approaching retirement age — 55-to-64-year-olds — the median amount saved for retirement is only $30,000. We're looking at a looming crisis. These aren't just statistics — they represent millions of families who are doing everything right but still can't get ahead."
The report analyzes workers with 401(k) and other retirement plan savings, as well as the millions of US workers who lack access to an employer-sponsored retirement plan.
The median savings — half have saved more and half have saved less — for all employed adults ages 21 to 64 tallied $955, per the nonpartisan group, which analyzed data from the US Census Bureau's Survey of Income and Program Participation.
Employer plans are a difference-maker
When you look exclusively at Americans enrolled in an employer-provided retirement plan, the numbers are more encouraging.
In Fidelity's 26,000 defined-contribution plans at companies across the country, covering 24.8 million participants, account balances last year clocked in at record highs, with an average 401(k) balance of $144,400 and an average IRA account balance of $137,902.
For these folks, the average 401(k) savings rate was 9.5%, and the average employer contribution rate was 4.7%, bringing the combined employee and employer 401(k) contributions to a record high of 14.2%. Fidelity's suggested savings rate is 15%.
(Excerpt) Read more at finance.yahoo.com ...
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I am in my 60’s and to be fair I didn’t have a damn dime 20yrs ago.
I am at 1.3 now. God does work wonders.
I am fortunate in having worked for many years with a company that provided pension benefits - not many of those left, if any, outside of government. So I have a nest egg. It’s much harder to put enough into a 401K to make a difference - we don’t want to think about it when we are young, and it’s too late when you’re older.
Over the last 20 years, the government confiscated all my assets twice. And then they gave my job to a citizen of the country of India.
If I had it to do all over again, I would have put 100% in an S&P 500 index fund and never touched it until I was around 55-60. I was always too cautious.
Agreed. I’m mid-50s, my wife and I together have a net worth of about 1 mill, and I had a negative net worth 20 years ago. Two things: 1) A million isn’t much anymore, but it’s comfortable. 2) Without the Lord it’s hopeless.
“...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.
Enjoy it now before it’s confiscated.
Is there any excuse for not having more than $955? All I can say is keep working chump. The rest of us don’t owe you.
The best part is, I live in the USA and this is the land where that can happen. Happy 250 USA!
“If I had it to do all over again, I would have put 100% in an S&P 500 index fund and never touched it until I was around 55-60. I was always too cautious.”
My son graduated last year with a Finance degree. The first thing he did was open a Roth IRA, and has been putting $300.00 in per month. He told me just the other day, “Dad, I can still max my 2025 Roth, as long as I do it by March 31st.” And he’s going to do it.
Even got his 19 year old kid sister to open and S&P 500 Roth IRA. She’s putting in 70 per month.
If they both keep doing what they are doing now, and nothing more, they will both be multimillionaires when they are my age.
>> 2) Without the Lord it’s hopeless.
Amen. “Unless the LORD build the house, he that build it labors in vain...”
Past performance is not indicative of future results. Ha.
“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!
“ I am at 1.3 now. God does work wonders.”
What did you do to turn it around?
Great job!
As a nation, many of us become more like children all the time, not grasping the concepts of delayed gratification and future time perspective.
Massive government printed money and debt is a prime cause of this.
Look who runs most of our corporations, bean-counters who only care about the next quarter, instead of the long-run.
Another $155 dollars and I’ll be there.
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