The median retirement account balance in a typical American working-age household dropped to $2,500 in 2014, down from $3,000 in the previous year, according to a study from the National Institute on Retirement Security.
The insitute said that, by its calculations, nearly 40 million households have no retirement savings. At the same time, the value of 401(k) retirement savings accounts and IRAs hit a record high of $11.3 trillion at the end of 2013.
The news was perhaps most dire for those closest to retirement: Median retirement account balances for pre-retirees was $14,500, with 62% of Americans aged 55 to 64 having saved less than one year of their annual income, it said.
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