Liberal Forum

Just pull yourself up by your bootstraps. It does appear to work for some but not even close to a majority when it comes to retirement savings. The variables in life are quite numerous, we do the best we can and try to save a few bucks for retirement. The current end results for median retirement savings in the U.S. is unbelievable low, households just aren't saving enough money. Another study by Vanguard calculated the average 401(k) balances by age. The table below breaks down average and median balances by age group:
401(k) Balances By Age Group Age
Average 401(k) Balance Median 401(k) Balance
<25 $6,718 $2,240
25-34 $33,272   $13,265
35-44 $86,582   $32,664
45-54 $161,079   $56,722
55-64 $232,379   $84,714
65+ $255,151   $82,297

https://www.synchronybank.com/blog/medi ... ge/Federal Reserve SCF Data
Age rangeAverage Retirement Savings
Ages 18-24$4,745.25
Ages 25-29$9,408.51
Ages 30-34$21,731.92
Ages 35-39$48,710.27
Ages 40-44$101,899.22
Ages 45-49$148,950.14
Ages 50-54$146,068.38
Ages 55-59$223,493.56
Ages 60-64$221,451.67
Ages 65-$206,819.35
 Federal Reserve SCF DataAge rangeMedian Retirement Savings
Americans younger than 35 $13,000
Americans aged 35-44 $60,000
Americans aged 45-54 $100,000
Americans aged 55-64 $134,000
Americans aged 65-74$164,000
Americans aged 75+ $83,000

I've seen some higher average figures at some of the investment companies but their median figure still ends up being pretty low.

https://thehill.com/business/personal-f ... t-savings/

And that is a problem. A newly minted retiree of 65 can now expect to live 20 more years, on average, according to Social Security projections. But the average retirement account held just over $100,000 at the close of 2022, according to a Fidelity analysis.  The median baby boomer household isn’t doing much better, with $134,000 in retirement savings in 2019, the most recent federal data. That’s about one-third of the average retirement savings in that age group, $408,420, a figure inflated by the super-rich.  And most retirement nest eggs are much smaller now than a year ago. By Fidelity’s estimate, the average retirement account lost one-fifth of its value in 2022, dwindling from $135,600 to $104,000. 

Boomers are going to reek havoc on the system over the next few decades.