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’m pretty broke all the time, i absolutely know where all of it’s going:
6 more months and i get to have a clothing and sundries budget again
Honestly, comparing my finances to most of the people who have complained to me in person about living “paycheck to paycheck” the majority of people are trying to live middle class on working class incomes. I was guilty of it too, lifestyle creep happened.
I shake my head every time I see people overspending on consumer bullshit while complaining about cost of living like their $20/day for energy drinks is reasonable.