A new study answers whether the retirement crisis is worse than we thought. The research report concludes that when all working-age families are counted, the typical family has only a few thousand dollars saved for retirement.
The study reveals:
- The typical working-age household has only $3,000 in retirement account assets; the typical near-retirement household has only $12,000.
- Four out of five working families have retirement savings less than one times their annual income.
- The U.S. retirement savings deficit is between $6.8 and $14.0 trillion, depending on the household assets counted.
These findings are contained in a new research report, The Retirement Savings Crisis: Is it Worse Than We Think?, issued by the National Institute on Retirement Security (NIRS).
Read the full study on the NIRS website.