this post was submitted on 07 Feb 2026
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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.

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[–] zbyte64@awful.systems 14 points 17 hours ago (1 children)

Lots of people saying it's a skill issue that people aren't saving more of their earnings. The problem is much deeper: it doesn't make sense for the majority of Americans to save their money. This is the rational outcome of a political and economic system that does not offer hope, only cynicism.

[–] BanMe@lemmy.world 5 points 10 hours ago (2 children)

I had several 401ks, I cashed them out fairly quickly because an emergency would come along and it was the only thing between me and homelessness, or not receiving medical care.

Now I have a 403(b) because I work for higher ed, and I am forbidden to cash it out, but I've taken a loan against it and paid off my credit cards, and am paying myself interest now.

So now I have my CCs freed up for the next time I have an emergency, which will be checks watch

[–] phutatorius@lemmy.zip 1 points 4 hours ago

I had almost completely strip-mined my 401k and post-tax investments by the time I was 56 due to a family member's mental-health crisis and the downstream impact of that (it was worth it: the family member in question is now stable and thriving). I'm now 70 and should be able to retire next year if some other emegency doesn't bite us on the ass before then. It took 14 years to rebuild, and that was with my wife and me both bringing in professional salaries and having additional investments.

[–] Gormadt@lemmy.blahaj.zone 1 points 4 hours ago

I feel the "checking watch for next emergency"

I'm just about done paying off my last emergency so I'm right on time for the next big one. Fate seems to wait until I'm spitting distance from paying it off to taunt me or some shit.

The last time I was literally 1 month from having it paid off before BOOM $10k medical emergency and to not become homeless due to said medical emergency combined with being on FMLA for 12 weeks minus a day.

It don't like like a lot to some but for me it's been hell.