Federal Reserve survey reveals 46% of U.S. adults lack retirement savings, skewing average balance benchmarks for financial planning.
A Federal Reserve survey found 46% of Americans have no retirement savings, while 43% of working-age adults lack balances in 401(k)s, IRAs, or defined-benefit plans. The data highlights a stark divide in household financial preparedness, as average balances like $267,900 for Baby Boomers exclude those with no savings at all.
Participation in employer-sponsored plans remains low, with only 53% of private-industry workers enrolled. The personal savings rate fell to 3.7% in Q1 2026, and 37% of workers have already withdrawn retirement funds early, further straining long-term security.
The gap underscores systemic coverage issues, particularly for gig workers, renters, and lower-income households, leaving many with little time to accumulate savings before retirement.