Core Insights - The median retirement savings for employed Americans aged 21 to 64 is only $955, challenging the assumption that retirement savings build steadily over time [1][2] - The report indicates that access to retirement plans significantly influences savings behavior, with only 63% of workers having access to employer-sponsored retirement plans [3][4] Group 1: Retirement Savings Data - The median balance for workers with defined-contribution accounts is $40,000, while those aged 55 to 64 report a median of approximately $30,000 [2] - Workers in the lowest income group contribute an average of $580 per year, compared to around $10,000 for higher earners [4] - Typical employee contributions range from 5% to 6% of income, with employer matches just under 3%, resulting in the median worker accumulating only about 4% of the savings needed for retirement [5] Group 2: Participation and Access Disparities - Nearly half of private-sector workers lack access to a workplace retirement plan, which limits their ability to save consistently [3] - Participation rates in retirement plans are significantly higher among workers with a bachelor's degree compared to those with a high school education or less [4] - Hispanic workers experience the largest access gap to retirement plans, while white and Asian workers show higher participation rates [4] Group 3: Comparison with Other Reports - Some retirement reports may show higher balances by focusing only on households with retirement accounts, thus excluding many individuals with zero savings [6]