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The Typical American Worker Has Just $955 Saved for Retirement, Study Shows
Most American workers fall far short of retirement savings goals, with median balances at just 4% of targets, highlighting a need for improved access and planning, NIRS says.
- A NIRS study released earlier this month found the median American worker ages 21–64 had just $955 saved in a defined contribution plan as of 2023.
- Access to workplace plans is constrained, with roughly 56 million workers having no employer‑sponsored retirement plans and only 51% holding DC plans through their main employer, NIRS found.
- Among savers, data show average savings of $179,082, median balance $40,000 , and overall average $93,229 across all workers.
- Financial pressure is prompting outcomes like workers extending careers, as about 7% of retirees have returned to work recently with nearly half citing financial pressure.
- Tools and policy levers such as maximizing employer match strategies, using catch‑up contributions, and 2026 limits of $7,500 plus $1,000 catch‑up can help reshape retirement outcomes.
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Coverage Details
Total News Sources15
Leaning Left0Leaning Right2Center11Last UpdatedBias Distribution85% Center
Bias Distribution
- 85% of the sources are Center
85% Center
C 85%
15%
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