Many Americans are not prepared for retirement.
In fact, "nearly half of families have no retirement account savings at all," the Economic Policy Institute (EPI) reported.
Just how much has the average American family saved up? According to the EPI, the mean retirement savings of all families is $95,776.
But that number doesn't tell the whole story. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. The median for all families in the U.S. is just $5,000, and the median for families with some savings is $60,000.