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.
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.