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Retirement Crisis: Average Worker Saves Under $1,000

2/6/2026

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Summary

Story summary

The National Institute on Retirement Security reports the average American worker has less than $1,000 saved for retirement.
About 56 million workers lack access to employer-sponsored retirement plans.
Median savings for employed adults aged 21 to 64 is $955.
Those with retirement savings average $40,000, far below the $1.5 million needed.
The report warns of a 20% Social Security benefit cut by 2034.

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Story summary

The National Institute on Retirement Security reports the average American worker has less than $1,000 saved for retirement.
About 56 million workers lack access to employer-sponsored retirement plans.
Median savings for employed adults aged 21 to 64 is $955.
Those with retirement savings average $40,000, far below the $1.5 million needed.
The report warns of a 20% Social Security benefit cut by 2034.