Most workers who aren’t saving for retirement through their employers aren’t saving at all, the study found
New data suggests the average American worker has under $1,000 saved for retirement.
A report from the National Institute on Retirement Security found that the median savings for all employed adults between the ages of 21 and 64 were approximately $955. The study includes workers with 401(k) and other retirement savings plans, as well as the approximately 56 million workers who do not have access to employer-sponsored retirement plans.
Workers with retirement savings plans have a median balance of approximately $40,000 saved, according to the report. That figure is nowhere near the $1.5 million that Americans say they need to feel comfortable fully retiring.
Necessities vary a lot by what you can afford. Internet and cell phone is pretty necessary and if you put off repairs and even renovations it can be worse long term. healthier or higher quality food. whats the long term cost of eating regular eggs vs pastuer raised. I mean there is definately a nutrient difference. What about your kids education. Anyway im just saying necessity is a very slippery slope. Air is a necessity over water which is a necessity over calories which is a necesity over vitamin C. retirment savings are long term and need to be balance with other things like home ownership and health.