The typical American worker has $955 saved for retirement
https://finance.yahoo.com/news/typical-american-worker-955-saved-220915880.html?link_source=ta_first_comment&taid=6985f899a9c7ef00019d6ba2&utm_campaign=trueanthem&utm_medium=social&utm_source=facebook&fbclid=IwY2xjawPzlRRleHRuA2FlbQIxMQBzcnRjBmFwcF9pZAwzNTA2ODU1MzE3MjgAAR7pL4gbDidP7weDfYOGgl2l6fuqcfPytc6-bLrNKt8X7gEKFd06h5yW0fdGmQ_aem_LqQ5e65UjILIh_zLp15WWw&guccounter=1&guce_referrer=aHR0cHM6Ly9sbS5mYWNlYm9vay5jb20v&guce_referrer_sig=AQAAAGEpwZK8fgbPErbmUnUc6pjyerfJSnHkdySiS5w7RJvLJt76_tfuNPv_tgDKWrw6I2Xu3KPpPncyMY9aWfEdN5DyvkjSA-wqW0BR-7LULizfIklb7FoElJb0kefUsy4dvHDeo62D5MpnPTxpgGrMYao6SkRwB-twMtl7xZ30kOGI
Posted by kootles10
3 Comments
From the article:
The average American worker has less than $1,000 saved for retirement, underscoring the financial strain millions could face in old age, according to a new report from the National Institute on Retirement Security.
That figure factors in workers with 401(k) and other retirement plan savings, while also including the roughly 56 million U.S. workers who lack access to an employer-sponsored retirement plan. Median savings for all employed adults between the ages of 21 and 64 amounted to $955, the nonpartisan think tank found, tapping data from the U.S. Census Bureau’s Survey of Income and Program Participation.
For workers who do have retirement savings, the median balance stands at $40,000, the group found — a far cry from the roughly $1.5 million that Americans say they need to retire comfortably. Adding to the financial pinch is Social Security’s funding shortfall, which if not addressed by Congress could result in a roughly 20% cut to benefits starting in 2034.
I can save money when I’m dead,sir.
No. The median worker has $955 in a workplace retirement account. This figure includes people who don’t have workplace retirement accounts at all. It also ignores individual retirement accounts and assets in non-retirement accounts.
I have around 4k.. After working a lifetime in jobs that don’t offer retirement. Trades and blue collar jobs that “build America” while also providing no loyalty, 401k, pension or any other benefit besides job stability through demand.
The several times in my life I’ve been gotten raises and worked my way up the food chain have been negated by ever present and increasing inflation. Somehow landlords and utility companies know just how much they can extract from people without leaving them destitute and hopeless.
I’ve worked for 34 years of my life at this point and unless the country collapses will likely work until I die. I did manage to buy a house over time. Was a 30 year layaway plan that I still owe 65k on. If I feel like leaving my 2 kids homeless and optionless I can always sell that for a tidy profit and retire to a place where my dollars would last. If a said country even exists and would welcome Americans after this administration and maga have their way with the world.