Thread by @therecount

Let’s talk about the dwindling state of American retirement.

According to the Federal Reserve, 26% of non-retired adults in the U.S. have no form of retirement savings.

Financial experts often recommend these age-based retirement savings benchmarks.

But for many Americans, hitting those savings goals isn't financially feasible, for a number of reasons.

Exhibit A: low median incomes and net worths.

Americans under 35:
• Median annual income: $48,600.
• Median net worth: $13,900.

Americans aged 65-74:
• Median annual income: $50,200
• Median net worth: $266,400

Exhibit B: employer-provided benefits in 1979 vs. today.

• In 1979, 87% of private-sector workers had pensions, and 97% had health insurance.

• Today, only 67% have access to either a pension *or* a 401(k), and 48% have health insurance.

Keeping these data in mind, it’s no wonder Americans are falling severely below those recommended savings benchmarks.

The blue line is how much Americans *should* have saved, relative to their age. The red line is their *actual* savings.

To top it all off, Social Security’s cash reserves are projected to deplete by 2035.

TL;DR — the time for Congress to act is now.

Want this thread in video form? We got you covered 👇

https://twitter.com/therecount/status/1414615539285176320