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.
You can invest in international markets if you think the US market is doomed. Still not a reason not to save. The bigger problem is that so many people simply can’t afford living expenses AND saving for retirement.
With what money?
See the second half of my comment.
$955 of investments is better than $0 of investments.
No, not in any meaningful way given how rigged and broken the economy is for the average person.
$955 can buy a gun (and ammo).
In order to retire, 500k is sort of the minimum. Even with conservative spending, you’d have to be a millionaire. If you’re young, multi - millionaire has to be the target for retirement. $955 is literally a rounding error on that scale. The average 64 year old retiree probably sees their investments fluctuate by several thousand every day.