The Average American Has $995 Saved for Retirement
Summary
Many American workers are not saving enough for retirement, with the average savings balance at only $955. A significant number of workers lack access to employer-sponsored retirement plans, making it hard for them to save enough. As a result, more older Americans are facing financial struggles during retirement.Key Facts
- The median retirement savings for all U.S. workers is $955.
- For those with some savings, the median retirement savings balance is $40,000.
- Nearly half of U.S. workers do not have an employer-sponsored retirement plan.
- About 56 million private-sector workers lack access to an employer-backed plan and rely on personal savings and Social Security.
- Less than 7% of older, nonworking adults have income from Social Security, pensions, and individual savings simultaneously.
- The poverty rate among seniors increased from 14% in 2023 to 15% in 2024.
- Challenges in reaching retirement savings goals are especially significant for lower- and middle-income workers.
- Most retirement savings in the U.S. come from employer-based plans, highlighting disparities for those without such access.
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