Savings Crisis?

Yesterday I posted about a new report on Americans’ views of the “retirement crisis”.  Another report from the same organization, National Institute for Retirement Security ,focuses on Americans saving for retirement.  The Continuing Retirement Savings Crisis is a 30 page report that offers 4 key findings:

1. Account ownership rates are closely correlated with income and wealth…
2. The average working household has virtually no retirement savings. When all households are included— not just households with retirement accounts—the median retirement account balance is $2,500 for all working-age households and $14,500 for near-retirement households…
3. Even after counting households’ entire net worth—a generous measure of retirement savings—two thirds (66 percent) of working families fall short of conservative retirement savings targets for their age and income based on working until age 67…
4. Public policy can play a critical role in putting all Americans on a path toward a secure retirement by strengthening Social Security, expanding access to low cost, high quality retirement plans, and helping low income workers and families save…

The report is available for download here. There is a webinar available (running time slightly over 45 minutes) here. A PowerPoint that accompanies the webinar is also available here.