25% Of Americans Say They Have No Savings At All, Including Retirement

Don’t spend much time thinking about the future? Flying cars? What you’ll eat? Where you’ll sleep?
If you have less than 25k saved you’re in good company, or at least, there are lots of you. 50% of workers 35 to 44 have less than that amount saved. 1/3 of those aged 45 and over did too. 25% of people surveyed had no savings at all. No savings account. No retirement account. No investments. Nothing. Zero. Bad Idea. From CNN:

All but the lowest earning men should have accumulated in a nest egg 12 times their income by the time they retire, EBRI estimates. That’s $900,000 for a man earning $75,000. A woman, because of a higher life expectancy, should have 14 times her income

Damn. Women live so long they can pull that “put one penny in a savings account and in the future you’ll be a zillionaire, but it’ll only pay for one dinner” thing from Restaurant At The End Of The Universe.—MEGHANN MARCO

Have less than $25K in savings? Get in line[CNN]


Edit Your Comment

  1. superlayne says:

    Just make sure you keep all of the shoe stores in check…

  2. Squeezer99 says:

    all i can say is i’m not surpized.

  3. Chese says:

    I’m sure more than 25 percent have no savings. Who can save when they are living paycheck to paycheck? Just compare to the old CEO pay chart to see why.

  4. catnapped says:

    You could probably count on one hand the percentage of people who have $900,000 (or even close) in savings.

    What planet are these economists/analysts living on?!?!?

  5. skedaddle says:

    That $900,000 is assuming that the person who is retiring is living off his own savings plus social security and doesn’t take into account the few companies that still offer a pension.

    I retired at age 55 with quite a bit less than the $900,000, but I also have a pension that pays me more than the median income in the state where I live.

    Between the company matching and my contribution, I put the equivalent of 20% of my annual salary into my 401k. We don’t have a big house. I don’t have a bass boat or an ATV. However, I also don’t have a boss. When people ask me what I’m doing to keep busy in retirement, I tell them, “Whatever I want to do!”

    If you want to retire, save as much as you can as early as you can… and stop trying to keep up with the Joneses!

  6. adriennezurub says:

    Does that number include the former Enron employees and other regular workers that are victims of corporate greed and fraud?! Essentially these workers are/have been financially raped.

  7. Kierst_thara says:

    Pfft. I’ll be lucky if I have my student loans paid off by the time I’m 35, and by then I’ll be long overdue to start racking up house-buying and family-raising costs. What’s the point in trying to put away ‘savings’ if you’re in debt your whole life anyways?

  8. NoxiousCleric says:

    Once upon a time I had $40,000 from profit-sharing tucked away in a rollover IRA, but I was living day to day on credit cards. In a stupid attempt to avoid bankruptcy, I ended up withdrawing all of that retirement money, paying penalties to the IRS, and reducing my credit card debt. I made some more stupid financial decisions, lost my job, fell behind in car payments and remaining credit card payments, got hit with massive medical bills, and ended up declaring bankruptcy after all. Today I’m in my 50s, and have $550 in savings, about $5,000 in a 401(k), a credit rating so poor the only place I can get a loan is from Vinnie down at the corner and he’ll break my legs if I miss a payment. Anyone legitimate who would be willing to extend credit would charge an interest rate so high Vinnie’s offer looks attractive in comparison.

    There are a lot of people like me. The credit industry is so interested in making money, it doesn’t really care when customers ruin their lives and their futures. In fact, all the better for them, because a ruined customer will have to pay double or triple the going rate because she’s a “poor risk,” and that means even more profits for the moneylenders. Any losses due to bankruptcy or debt write-offs are more than offset by the huge interest rates they charge. When savings accounts bring a return of about 1 percent and a loan comes with a 28 percent interest rate, well, it reminds me of the joke about the guy who must’ve had a wonderful time at the bar the previous night because he woke up the next day with a massive hangover, no memories of what happened, and a really sore ass. The joke just isn’t very funny when it’s your ass.

  9. mac-phisto says:

    i have money coming right out of my check for savings, & i’ve got a little stashed away, but i’ve noticed my “short-term” savings dwindling lately. it doesn’t seem as if i can keep from touching it sometimes.

    i’ve had to renegotiate my fuel budget 3 times already since the beginning of the year. this last increase of $0.45 since the beginning of march is making me simmer. didn’t i just read somewhere that oil prices were dropping?

    i wish it would warm up so i could get on my bike.

  10. j.a.s.o.n says:

    @mac-phisto: “didn’t i just read somewhere that oil prices were dropping?”

    You might have, but unfortunately it’s not true that prices are dropping. Oil is currently at a seven-month high.

  11. BillyMumphry says:


    you decide to live paycheck to paycheck. That’s not the CEO’s fault. If he made 5MM and spent 6, he’d be in bad shape too. You want savings? Cut your lifestyle. If you aren’t willing to do that I don’t think any sympathy is available.

  12. FLConsumer says:

    Even putting $5-20/week into savings does add up over time. This should be possible for everyone with maybe a handful of exceptions.

  13. KenyG says:

    You must put money away – even $20 a paycheck – and don’t touch. Life is full of unexpected expenses. I got in credit card trouble once, and only now, years later see the light at the end of a long tunnel. Know what got me in trouble… root canal on a cc, car repair on a cc, health insurance deductables etc – all legitimate and all quite painful to pay off at cc interest rates.

  14. Techguy1138 says:

    Is there any information on why this is?

    It’s always easy to say that it is because people spend to much but is that really the reason? Are they counting saving as debt such as student loans and mortages against investments?

    If that is the case I could imagine it being true easially. 300k in mortage left, 20k in student loans and 5k on a carnote would make most people look like poor savers.

    Maybe there is a simple answer but I haven’t seen any presented.

  15. zephyr_words says:

    It’s hard for me to imagine how so many can’t put away money in any shape or form.

    It seems like a lot of parents set bad examples for their children by having bad credit and purchasing things that aren’t needed or can’t be afforded.
    Kids learn the bad spending habits so then they don’t really think that taking out a 10,000 dollar loan for installing subs, rims, in their new car, and eating out at applebees every night is a bad idea.

    I turned 22 today and have over 25k in my 401k, a savings account, a stock portfolio, a townhouse in the D.C. area, and a car.

    I’ll just keep on keeping on and hope that the dollar doesn’t turn into a peso.