[randomdata]

That's right. They have ~40 years left to acquire $3 million before they have 20 years left, assuming the typical human lifespan. Which, adjusted for inflation, is the same as someone who saved $600,000 over the past 40 years.

[coldtea]

So, like, not so many people, and even less going forward?

https://fortune.com/recommends/banking/57-percent-of-america...

[randomdata]

I am not sure what emergency savings has to do with retirement savings. Retirement savings are often not very liquid, so they wouldn't be available to use in an emergency, typically.

And certainly some people never did manage to save $600,000 over the past 40 years, but it remains that the bar does not seem that high. Even the lowest bar will not be met by some people, but that doesn't mean the bar is high.

[coldtea]

You think those without $1000 emergency savings have retirement savings, but they just aren't liquid enough?

In any case, if you want the categories separated, here you are:

In 2019, about half of American households had no savings in retirement accounts, according to the Survey of Consumer Finances (SCF). These accounts include individual retirement accounts; Keogh accounts; certain employer-sponsored accounts, such as 401(k), 403(b), thrift savings accounts; and pensions.

https://usafacts.org/data-projects/retirement-savings

[randomdata]

> about half of American households had no savings in retirement accounts

We're looking at those who have 20 years left, not those who could have 60 years left. Naturally one could avoid saving anything for 39 years and then plop down a $600,000 lump sum in the final second and you would be in the exact same place as someone who slowly amassed $600,000 over the span of 40 years, so half of the population having nothing saved doesn't tell us anything.

Bringing us back to the actual topic: Of those who have 20 years left, how much do they have saved?

[coldtea]

>Naturally one could avoid saving anything for 39 years and then plop down a $600,000 lump sum in the final second and you would be in the exact same place as someone who slowly amassed $600,000 over the span of 40 years

Sure, they could for example win the Powerball.

[randomdata]

The other thing with the previous comment is that it only looks at registered retirement accounts. What about savings that can be used for retirement, but aren't registered as such? How much is found there?

[jandrewrogers]

That article is misleading clickbait. Per the US government (BLS), the median household has ~$1,000 per month left over after all ordinary expenses. That is, after car payments on their BMWs, healthcare, iPhones, etc.

The median American can afford to save considerable money but they tend to spend it on lifestyle flexes instead.