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.
Most Americans are just shitty at saving. Again, MOST, after expenses are accounted for still don’t save. Skill issue.
What’s confusing?
After you deduct rent, insurance, cars, gas, most Americans spend ALL the rest. I get wanting to spend some of that and enjoy life, but All? Some people are just incredibly uneducated (systematic to a degree) and shitty with self control. Another poster posted actual data but the tldr is only 30% of Americans live week to week by necessity. Again, we can and should do better but this is such a stupid stat to keep popping up.
All $81 leftover afterwards gets spent? Shocking.
Truly, I try to put at least $100 into my savings every paycheck, but sometimes the money just doesn’t exist. Sometimes (like in this frigid cold winter) I need to take money out of my savings in order to cover my electricity bill.
People used to save money “for a rainy day.” But these days, we live in an unending downpour. I don’t know what you think people are spending all their money on, but it’d be best not to assume it’s all frivolous.
Then you are in the 30%, and that sucks, and we can do better., it’s shitty that you live that way with that stress.