$955 saved for retirement? Millions are in that boat.

Core Insights - The typical American worker has less than $1,000 saved for retirement, indicating a significant retirement savings crisis [1] - For those aged 55 to 64, the median retirement savings is only $30,000, highlighting the struggles of many families to save adequately [2] - The report emphasizes that many workers are prioritizing immediate survival over long-term savings, with millions lacking access to employer-sponsored retirement plans [2] Group 1: Retirement Savings Data - The median savings for employed adults aged 21 to 64 is $955, based on analysis from the US Census Bureau [3] - Among Americans enrolled in employer-provided retirement plans, the average 401(k) balance is $144,400, and the average IRA account balance is $137,902 [4] - The average 401(k) savings rate for these individuals is 9.5%, with an average employer contribution rate of 4.7%, leading to a combined contribution rate of 14.2% [5] Group 2: Contribution Rates and Challenges - The typical employee contribution rate across the broader workforce is between 5% and 6%, with employer contributions just under 3% [7] - Contribution rates tend to increase with age, education, and income, but many workers do not start saving until mid-career [7] - Unpredictable events such as health crises or economic downturns can derail retirement plans, further complicating the savings landscape [7]