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re: The typical U.S. worker has $955 saved for retirement, report finds
Posted on 2/7/26 at 2:51 pm to Oilfieldbiology
Posted on 2/7/26 at 2:51 pm to Oilfieldbiology
No reason to lie, no one here knows me. But seeing my parents grow up and struggle to pay the basic bills while making 6 figures ingrained in me the discipline to progress to a higher paying job and save as much as possible while having little to no debt. Didn't want to be stuck like they were
1
Posted on 2/7/26 at 3:05 pm to RT1980
I have no doubt most Americans aren't saving enough money for retirement, but I have a hard time believing the $955 number. You could save $20 per paycheck and have that in a few years.
Posted on 2/7/26 at 3:12 pm to RLDSC FAN
quote:
Adding to the financial pinch is Social Security's funding shortfall, which if not addressed by Congress could result in a roughly 20% cut to benefits starting in 2034.
I have full confidence that our elected leaders will do absolutely nothing between here and there
. Anyone 52 and younger may as well assume their entire social security contributions have been a grift.
Posted on 2/7/26 at 3:45 pm to NYNolaguy1
They'll either raise taxes, cut benefits or means test it. The latter would probably screw us because we've actually saved for retirement on our own.
Posted on 2/7/26 at 3:59 pm to NYNolaguy1
quote:Well, the boomer generation will receive zero sympathy from the younger generations.
I have full confidence that our elected leaders will do absolutely nothing between here and there
They’ll reap what they sowed.
quote:100%
Anyone 52 and younger may as well assume their entire social security contributions have been a grift.
Everyone should plan as if it won’t exist in the future.
Posted on 2/7/26 at 3:59 pm to fallguy_1978
quote:
I have no doubt most Americans aren't saving enough money for retirement, but I have a hard time believing the $955 number. You could save $20 per paycheck and have that in a few years.
A huge % of Americans are in the red every month.
Posted on 2/7/26 at 4:02 pm to SlowFlowPro
I'm sure plenty of people save 0%, but how would we even have data on those people? The median and average balances don't jive with the OP, although they are still bad.
Empower
Empower
This post was edited on 2/7/26 at 4:03 pm
Posted on 2/7/26 at 4:03 pm to RLDSC FAN
In the New World Order of old Baws, I will be wildly wealthy then.
Posted on 2/7/26 at 4:03 pm to fallguy_1978
I think this may be an average v. median situation
Posted on 2/7/26 at 4:07 pm to SlowFlowPro
Average is way more than median because of very large accounts. Most people in the US are going to be screwed though. Like if you retire with 300k you are pretty much entirely reliant on SS.
Posted on 2/7/26 at 6:11 pm to Bryno1960
quote:
I’m not sharing the exact number in my savings, but a monthly stipend from it could sustain me for a year or more.
OT baller alert. A full year?!
Posted on 2/8/26 at 11:06 am to LSUA 75
quote:
My wife was talking about the young women where she works,don’t make a lot of money but they get their nails done regularly.
I've been preaching this on here. The must haves for younger people were not even on the radar for older people. As a Gen X'er, I promise we painted our own nails at home. Having someone else do it was considered a luxury service.
I went yesterday, and even though I can easily afford it, I rarely do it. The place was packed to the gills. An average mani-pedi is around $75-100/session.
While I understand the sentiment of "it's not the avocado toast," it kind of is. If the purchasing power of the dollar is lower than ever and housing is higher, it stands to reason young professionals would be living bare bones lives instead of setting money on fire. Money isn't getting saved in that environment.
Posted on 2/8/26 at 11:57 am to Chucktown_Badger
quote:
OT baller alert. A full year?!
I’m not an OT baller by any means, but I’ve been blessed to put money aside from each paycheck and to live within my means.
Posted on 2/8/26 at 12:10 pm to fallguy_1978
quote:
I have no doubt most Americans aren't saving enough money for retirement, but I have a hard time believing the $955 number. You could save $20 per paycheck and have that in a few years.
Based on late 2025 and early 2026 data, approximately 22% to 24% of American households would find it difficult or impossible to cover their expenses if they missed a paycheck for two weeks.
If a fourth of the population is two weeks from going hungry, imagine the percentage of the next fifty percent could last a year.
Posted on 2/8/26 at 1:42 pm to nealnan8
quote:Congress won’t let that happen. You’ll see benefits be reduced first , then maybe raise the retirement age, but that’s a stretch.
Added to this problem is that Social Security will be insolvent anywhere between 10-15 years, and you have a coming storm.
Posted on 2/8/26 at 3:04 pm to RLDSC FAN
Just what the liberal left politicians want.. so then they can take care of them.
Posted on 2/8/26 at 3:24 pm to nealnan8
quote:
The crisis that most people don't talk about is the elderly crisis. The average American has very little savings yet is living longer. Added to this problem is that Social Security will be insolvent anywhere between 10-15 years, and you have a coming storm.
SS will be fixed, but it was never meant to be a persons main retirement stream. Many couples retire with little but SS, which if ok until one dies, then the SS income is significantly reduced, but expenses to go down that much.
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