The Typical American Worker Has Less Than $1,000 Saved for Retirement — Here's How to Start Catching Up

Benzinga_recent_news

Feb 13

The median American worker has just $955 saved for retirement, according to a report issued by the National Institute on Retirement Security. That figure includes roughly 56 million workers who have ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www-web.itiger.com/news/2611997905"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2611997905\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2611997905?lang=en_US&edition=fundamental","thumbnail":"https://cdn.benzinga.com/files/images/story/2026/02/12/Tilt-Towards-Fixed-Funds.jpeg?optimize=medium&dpr=2&auto=webp&width=240","is_english":true,"pubTime":"2026-02-13 06:01","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2611997905","market":"us","top_or_hot":-1,"title":"The Typical American Worker Has Less Than $1,000 Saved for Retirement — Here's How to Start Catching Up","media":"Benzinga_recent_news","content":"<div>\n<p>The median American worker has just $955 saved for retirement, according to a report issued by the National Institute on Retirement Security. That figure includes roughly 56 million workers who have ...</p>\n\n<a href=\"https://www.benzinga.com/news/topics/26/02/50599003/the-typical-american-worker-has-less-than-1000-saved-for-retirement-heres-how-to-start-catching-up\">Source Link</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Typical American Worker Has Less Than $1,000 Saved for Retirement — Here's How to Start Catching Up</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Typical American Worker Has Less Than $1,000 Saved for Retirement — Here's How to Start Catching Up\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-13 06:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/topics/26/02/50599003/the-typical-american-worker-has-less-than-1000-saved-for-retirement-heres-how-to-start-catching-up><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The median American worker has just $955 saved for retirement, according to a report issued by the National Institute on Retirement Security. That figure includes roughly 56 million workers who have ...</p>\n\n<a href=\"https://www.benzinga.com/news/topics/26/02/50599003/the-typical-american-worker-has-less-than-1000-saved-for-retirement-heres-how-to-start-catching-up\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4117","symbol_name":"多元化保险","start_time":0,"source_url":"https://www.benzinga.com/news/topics/26/02/50599003/the-typical-american-worker-has-less-than-1000-saved-for-retirement-heres-how-to-start-catching-up","article_id":"2611997905","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/02/12/Tilt-Towards-Fixed-Funds.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/news/topics/26/02/50599003/the-typical-american-worker-has-less-than-1000-saved-for-retirement-heres-how-to-start-catching-up","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2611997905","pubTimestamp":1770933660,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"The median American worker has just $955 saved for retirement, according to a report issued by the National Institute on Retirement Security. That figure includes roughly 56 million workers who have no access to an employer-sponsored retirement plan.Even among workers who do have retirement accounts, the median balance is about $40,000, far below the roughly $1.5 million many Americans say they need to retire comfortably.For millions of workers, the problem is a lack of structure.Without automatic payroll savings, employer matches, or professional guidance, many people never build momentum. That is why more workers are now using services like SmartAsset to connect with financial financial advisors who can show them, in concrete terms, how far behind they are and what adjustments actually matter.Instead of guessing, users answer a short questionnaire and are matched with up to three advisors who work with people in similar situations. Initial consultations are typically free, and there ","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4117":"多元化保险","BK4107":"财产与意外伤害保险","AFG":"美国金融集团有限公司"},"translate_title":"典型的美国工人为退休储蓄不足1,000美元——以下是如何开始迎头赶上的方法","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AFG":1.5},"content_text":"The median American worker has just $955 saved for retirement, according to a report issued by the National Institute on Retirement Security. That figure includes roughly 56 million workers who have no access to an employer-sponsored retirement plan.\nEven among workers who do have retirement accounts, the median balance is about $40,000, far below the roughly $1.5 million many Americans say they need to retire comfortably.\nFor millions of workers, the problem is a lack of structure. \nWithout automatic payroll savings, employer matches, or professional guidance, many people never build momentum. That is why more workers are now using services like SmartAsset to connect with financial financial advisors who can show them, in concrete terms, how far behind they are and what adjustments actually matter.\nInstead of guessing, users answer a short questionnaire and are matched with up to three advisors who work with people in similar situations. Initial consultations are typically free, and there is no obligation to move forward.\nThe savings shortfall is not evenly distributed. More than half of private-sector workers lack access to a 401(k) or similar plan. Hispanic workers, lower-income earners, and those without college degrees are especially likely to be excluded.\nIf you are not saving through work, the odds are stacked against you from the start.\nFor workers nearing retirement, the numbers are worse. People ages 55 to 64 have accumulated only about 19% of what standard benchmarks suggest they should have saved. Fidelity recommends having eight times your annual income saved by age 60. The typical worker in that range has closer to $30,000.\nThat is not enough to cover even one year of expenses.\nThis is where personalized modeling becomes critical. Many workers assume they are behind, but do not know by how much, or which levers matter most. Advisors matched through SmartAsset can help translate abstract targets into realistic, personalized plans.\nIf you are behind, the most important step is starting, even if it feels late.\nIf your employer offers a 401(k) match, contributing enough to receive the full match should be the first priority. That is immediate return on your money.\nIf you do not have a workplace plan, opening an IRA is the next step. In 2026, workers can contribute up to $7,500, plus a $1,000 catch-up contribution for those age 50 and older.\nFor older workers, catch-up contributions can be powerful. In 2026, employees 50 and over can contribute up to $32,000 to a 401(k). Even modest increases compound. An extra $300 per month invested at a 7% annual return grows to roughly $52,000 over 10 years.\nWhether those contributions should go into a traditional IRA, Roth account, brokerage account, or employer plan depends on taxes, income, and timing. That is another area where professional guidance can materially improve outcomes.\nSaving more is only part of the equation. When you access benefits matters just as much.\nClaiming Social Security at 62 instead of full retirement age reduces monthly benefits by about 30%. Waiting until 70 increases them by roughly 24%.\nFor workers with limited savings, that difference can determine whether retirement is stable or financially stressful. Since Social Security provides about half of income for the typical retiree, optimizing claiming strategy is often one of the highest-impact decisions.\nMany workers make this choice without modeling the long-term impact. Advisors connected through SmartAsset help clients evaluate when to claim, how it interacts with withdrawals, and how it fits into overall cash flow.\nOn the spending side, cutting major fixed costs matters far more than trimming small discretionary items.\nHousing remains the largest expense for most households. Downsizing, relocating, or paying off a mortgage before retirement can free up thousands of dollars per year. The NIRS report found that home equity represents about one-third of financial assets for working adults, leaving many people house-rich but cash-poor.\nSome retirees tap that equity through downsizing or reverse mortgages. Those decisions are highly situational and often misunderstood. Reviewing them with an advisor can prevent costly mistakes.\nWorking longer is rarely appealing, but it remains one of the most effective retirement tools.\nDelaying retirement by even two or three years allows savings to grow, reduces withdrawal years, and boosts Social Security benefits. According to AARP, about 7% of retirees have returned to work recently, with nearly half citing financial pressure.\nAs savings remain low and costs remain high, extended careers are becoming more common.\nMost workers will not reach $1.5 million. But that does not mean retirement is unattainable.\nFor someone planning to spend $50,000 per year in retirement, Social Security may cover about $25,000. That leaves $25,000 to come from savings. Using a 4% withdrawal guideline, that requires roughly $625,000 saved.\nIt is still challenging, but it is achievable with a structured plan.\nThis is where many workers benefit from seeing projections side by side. SmartAsset's platform allows users to compare how different savings rates, retirement ages, and investment strategies affect long-term outcomes.\nStarting late is not ideal. But it is far better than never starting.\nMaximizing employer matches, using catch-up contributions, delaying Social Security, managing housing costs, and working a few extra years can collectively reshape retirement outcomes.\nSmartAsset's free advisor-matching tool gives workers a way to see where they stand, what changes matter most, and how to close the gap with realistic steps. \nFor millions who are behind, that personalized assessment could be the most practical starting point.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}