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.
In the retirement account front, just checked and for the past year it hit 19%, over the last 10 years, it’s been 15% a year. Generally those are biased toward stock and move to more conservative close to retirement. I think that’s generally the balance being considered, at least if you have any retirement account, it’s probably later than any other account in short order.
For “savings” account recently 4% has been available, but less so now as the central bank turns down interest rates to favor borrowers again. But I don’t think they are limiting to strict savings accounts here. I think money put into an index fund or bonds or CDs would absolutely count.