A new report from the National Institute on Retirement Security found the median retirement savings for employed U.S. adults aged 21 to 64 is just $955. The analysis, using Census SIPP data, includes roughly 56 million workers who lack access to employer-sponsored plans. Among workers with retirement accounts the median balance is about $40,000. The report warns these meager savings, coupled with Social Security’s projected funding shortfall, could leave many retirees short — Social Security benefits could face roughly a 20% cut beginning in 2034 without congressional action. The findings underscore urgency for policy fixes and expanded employer coverage immediately. (cbsnews.com)