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.
Why wouldn’t someone save in the US?
The country is burning down? Sure. We don’t know what things will look like in a year? Me neither!
But I’d rather save and invest because in 40 years things may or may not have turned out fine. And I’d have a couple million and you will have zero because “why would you save!?!?” mentality.
If you get started early enough, you don’t even have to save a lot over time or even month to month. But if you wait until the last second(40s, 50s?) you’ll need to be dumping thousands per month just to catch up.
This is a math problem, not an emotional one.
Because that commenter is an upvote seeking doomer troll. It’s like they have some sort of contradiction fetish.
If you think we have 40 years before general collapse you are in for an enormous amount of unprocessed heartbreak.
https://climatereanalyzer.org/clim/sst_daily/
Ah, you’re right. I’m going to go sell everything I have then go to Mexico and buy as much hookers and blow that I can and then commit suicide because everything is going to shit and nothing even matters anymore! There is no future! REEEEEEEEE!
/s