Typical Working American Has Less Than $1,000 Saved for Retirement

New report finds major challenges remain in preparing for retirement

Published on Feb. 8, 2026

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A new report from the National Institute on Retirement Security (NIRS) examines the retirement preparedness of working-age Americans. The study finds that many workers still lack access to employer-provided retirement plans, have minimal savings, and face growing tradeoffs between saving for retirement and meeting basic financial needs. While recent legislative efforts have made incremental improvements, the report notes that major challenges remain, including the lack of access to retirement savings systems and ongoing uncertainty around the future of Social Security.

Why it matters

As Americans face a growing affordability crisis, the report highlights the fragility of both the nation's retirement infrastructure and retirement preparedness for the typical U.S. household. Strengthening access to reliable retirement plans is essential if we want Americans to retire with dignity rather than anxiety.

The details

The report finds that among 55-64 year-olds, the median amount saved for retirement is only $30,000. Even among those with savings, balances often are far too low to support a secure retirement. Many working Americans still lack access to employer-provided retirement plans, with Hispanic workers and those with lower incomes or lower levels of education significantly less likely to have access or participate. Social Security accounts for roughly half of income for the typical older adult, while income from retirement plans represents about one-fifth of income on average. Across all workers, including those with no savings, the median amount saved was just $955.

  • The report is based on the 2023 SIPP panel, with December 2022 as the reference month.
  • The National Institute on Retirement Security will host a webinar on February 11, 2026 to review the findings.

The players

National Institute on Retirement Security (NIRS)

A nonprofit, nonpartisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole.

Dan Doonan

NIRS executive director.

Tyler Bond

NIRS research director and co-author of the report.

Dr. Joelle Saad-Lessler

Stevens Institute of Technology School of Business Associate Dean of Undergraduate Studies and co-author of the report.

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What they’re saying

“At a time when Americans are facing a growing affordability crisis, we need to recognize that retirement should be part of that conversation.”

— Dan Doonan, NIRS executive director

“For example, the data indicate that among 55 – 64 year-olds, the median amount saved for retirement is only $30,000. Even among those with savings, balances often are far too low to support a secure retirement. Today, too many households are forced to choose between paying their bills and saving for tomorrow. Strengthening access to reliable retirement plans is essential if we want Americans to retire with dignity rather than anxiety.”

— Dan Doonan, NIRS executive director

What’s next

The National Institute on Retirement Security will host a webinar on February 11, 2026 to review the findings of the report.

The takeaway

This report highlights the ongoing challenges that working Americans face in preparing for retirement, including lack of access to employer-provided retirement plans, low savings levels, and competing financial pressures. Addressing these issues will be crucial in ensuring that Americans can retire with financial security and dignity.