$955 saved for retirement? Millions are in that boat. [View all]

How's this for a somber retirement forecast: The typical American worker has less than $1,000 saved for retirement, according to a new report from the National Institute on Retirement Security (NIRS).

"The data are clear: Outside of high earners, Americans are choosing survival over savings and hoping to catch up later," NIRS executive director Dan Doonan told Yahoo Finance. "Even for those approaching retirement age — 55-to-64-year-olds — the median amount saved for retirement is only $30,000. We're looking at a looming crisis. These aren't just statistics — they represent millions of families who are doing everything right but still can't get ahead."

The report analyzes workers with 401(k) and other retirement plan savings, as well as the millions of US workers who lack access to an employer-sponsored retirement plan.

The median savings — half have saved more and half have saved less — for all employed adults ages 21 to 64 tallied $955, per the nonpartisan group, which analyzed data from the US Census Bureau's Survey of Income and Program Participation.

https://finance.yahoo.com/news/955-saved-for-retirement-millions-are-in-that-boat-150003868.html