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.
I don’t think you understand the crushing reality of living in poverty in the US. Over 60% of the US lives paycheck to paycheck. That should make it clear that it’s a systemic issue. Some people live above their means by choice, or lack of thoughtful planning. Many people live above their means because the means they have access to don’t cover the cheapest of basics, so we go without. I lived off of one meal a day, all through my 20’s, because that’s what I could afford. Ignorant people lectured me on the importance of saving that whole time. We don’t have a problem understanding the importance of saving. You have a problem understanding the class system in the US.