U.S. Workers Have Average Retirement Savings of $955

The National Institute on Retirement Security reports that the average American worker has less than $1,000 saved for retirement, with median savings for employed adults aged 21 to 64 at $955. Many workers lack access to employer-sponsored retirement plans, and those who do have median savings of $40,000, far below the $1.5 million needed for a comfortable retirement. Social Security’s impending funding shortfall could lead to a 20% cut in benefits, intensifying the financial strain on seniors, whose poverty rate has reached 15% in 2024. Urgent reforms are needed to address Social Security’s funding gap and improve retirement savings for millions of Americans.

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