Most workers who aren’t saving for retirement through their employers aren’t saving at all, the study found
New data suggests the average American worker has under $1,000 saved for retirement.
A report from the National Institute on Retirement Security found that the median savings for all employed adults between the ages of 21 and 64 were approximately $955. The study includes workers with 401(k) and other retirement savings plans, as well as the approximately 56 million workers who do not have access to employer-sponsored retirement plans.
Workers with retirement savings plans have a median balance of approximately $40,000 saved, according to the report. That figure is nowhere near the $1.5 million that Americans say they need to feel comfortable fully retiring.
See the second half of my comment.
$955 of investments is better than $0 of investments.
No, not in any meaningful way given how rigged and broken the economy is for the average person.
$955 can buy a gun (and ammo).
In order to retire, 500k is sort of the minimum. Even with conservative spending, you’d have to be a millionaire. If you’re young, multi - millionaire has to be the target for retirement. $955 is literally a rounding error on that scale. The average 64 year old retiree probably sees their investments fluctuate by several thousand every day.