The median retirement account balance among
working-age Americans is zero, according to a research report by the National
Institute on Retirement Security, a non-profit research group based in
Washington.
Using U.S. Census Bureau data,
the institute also found 57% of working-age Americans — more than 100 million
people — don't have retirement assets in an employer-sponsored defined
contribution plan, pension plan or individual retirement account.
"Retirement is in peril
for most working-class Americans," Diane Oakley, the report's author and
NIRS executive director, said in a news release Monday.
The report found about 80% of working
Americans have less than one year's income saved in retirement accounts.
"Also, 77% of Americans fall short of conservative retirement savings
targets for their age based on working until age 67, even after counting an
individual's entire net worth — a generous measure of retirement savings,"
the news release said.
The NIRS report noted that even
among retirement account savers, the typical worker had a balance of just
$40,000.
"This is far off track
from the savings levels Americans need if they hope to sustain their standard
of living in retirement," Ms. Oakley said.
The report added 68% of
individuals ages 55 to 64 have retirement savings "equal to less than one
time their annual income, which is far below what they will need to maintain
their standard of living over their expected years in retirement."
CONTACT ROBERT STEYER AT RSTEYER@PIONLINE.COM · @STEYER_PI
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