Median US retirement savings hit $955

The median amount US workers have saved for retirement is $955. This figure, which includes those with no savings, comes from a report by the National Institute on Retirement Security. For workers who have savings, the median balance is $40,000. Among those nearing retirement, aged 55 to 64, the median is $30,000. The American Enterprise Institute projects the Old-Age and Survivors Insurance trust fund will run short of funds by 2032, at which point Social Security benefits could be cut by 24%. Savings levels vary by income bracket. According to the Transamerica Institute, the median retirement savings for households earning under $50,000 is $2,000. For those earning $50,000 to $99,000, the median is $33,000. For households earning $100,000 to $199,000, the median is $147,000. For those earning $200,000 and above, the median is $565,000.