Retirement Savings Median Drops to $955 (2026-02-11)

The median retirement savings for U.S. workers, including those with zero balances, stood at $955 in late 2024, with savers who had positive balances averaging $40,000, according to the National Institute of Retirement Security. Longer lifespans, reduced pension coverage, and rising healthcare costs mean these balances are likely insufficient for secure retirements. Social Security’s Old-Age and Survivors Insurance trust is projected to be depleted by Q4 2032, with benefit cuts of about 20% expected at insolvency. Debate exists over the $955 figure: some argue it overstates the crisis by including low- and variable-income workers, while data from Transamerica and Fidelity show household retirement savings range from $2,000 to $565,000 and average 401(k) balances at $144,400 Q3 2024, up 5% from Q2 and 9% from Q3 2023. Experts emphasize affordability and earlier participation in retirement plans as key next steps.