Are people really saving so little for retirement?

Currently aiming to have 80% of pre-retirement income from my 401k when I retire. But according to Transamerica the AVERAGE person at my age (50) has . . . almost nothing saved? And are saving a fraction of what I save as a percentage as well. Yet their retirement outlook “income goals” will be close to mine. I can only assume they are basing their savings on the expectation that social security income will compensate for the remainder? A risky bet in my opinion. Or am I actually drastically over-investing into my 401k? I was a late starter (then lost a lot in the tech bubble) and therefore have been rather aggressive on my savings.

I only ask because I have a nagging feeling I am missing something important here.