[jSully24]

The title is misleading, they are referring to "Retirement Savings" just counting 401k and IRA dollars only. Personally my "retirement savings" are over 60% in non-IRA or 401k dollars, and I'm retired.

Later in the article they begin to talk about overall net worth including regular savings and investments and the numbers are better but could still be problematic:

>> In terms of the average retiree’s net worth, the Federal Reserve data puts it at approximately $1.2 million for those aged 65 to 74. The average net worth drops to $958,000 for those aged 75 and older.

[danbruc]

In the context of finance, any number starting with average is meaningless more often than not. It neither characterizes the situation of most people living well below average nor of the few people living well above average.

[jSully24]

Agree.

[claudiulodro]

I think the tricky part about basing it off overall net worth is that for the average retiree their house is a big part of their net worth. Many could downsize to get some cash out of it, but people do still need to live somewhere.