MADISON, Wis. – New data from the National Institute of Retirement Security shows that the average American worker has less than $1,000 saved for retirement. This stark figure highlights the financial strain that millions of Americans could face as they approach their later years.

The figure of less than $1,000 saved includes workers with retirement savings accounts such as 401(k) plans, as well as approximately 56 million U.S. workers who currently lack access to any employer-sponsored retirement plan.

Americans say they need roughly $1.5 million to retire comfortably, and the average savings for all employed adults aged 21 to 64 is just $955. For those who do have retirement savings, the average balance stands at about $40,000—far below the amount many consider necessary for a secure retirement.

Millions of seniors rely heavily on Social Security benefits, which provide about half of the typical senior’s annual income. However, Social Security faces a significant funding shortfall. If Congress does not act, beneficiaries could face a cut of roughly 20% starting in 2034.

Meanwhile, the Trump administration is introducing “Trump Accounts” aimed to help millions of children save money over time to eventually buy a home, fund education, or start a business. The accounts could also be used for retirement savings.

While “Trump Accounts” may benefit future workers, the current retirement system continues to exclude millions of Americans who lack access to 401(k)s and similar employer-sponsored plans.

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