60 Retirement Statistics: Trends and Insights

Published On

November 16, 2023

Unveiling retirement trends and eye-opening statistics for a secure future. Discover key factors shaping retirement in a changing world.

Retirement is a major milestone in life that many people look forward to. It's a time to relax, travel, and enjoy the fruits of your labor. As retirement approaches, it's important to be informed about retirement trends, insights, and statistics. Here are 60 retirement statistics that provide an in-depth look at retirement trends and insights.

Top 10 Key Retirement Statistics

Around 42% of Americans have less than $10,000 saved for their retirement.
The average Social Security benefit for retired workers was $1,543 per month in January 2021.
Only around 16% of private industry workers have access to defined benefit pension plans.
A recent survey showed that almost half of retirees left the workforce earlier than planned due to health issues or job loss.
According to a study by the Employee Benefit Research Institute (EBRI), Medicare beneficiaries spend an average of $5,503 per year out-of-pocket on healthcare expenses.
Over one-third of American workers have no retirement savings at all.
The average retirement age in the United States is 62 years old.
Women are more likely than men to face poverty during retirement due to lower lifetime earnings and longer life expectancies.
According to a survey conducted by Transamerica Center for Retirement Studies®, only around one-third of retirees feel confident they will be able to maintain their lifestyle throughout retirement.
Nearly three-quarters of Americans say they plan on working beyond traditional retirement age.

Retirement Planning

Only 42% of Americans have calculated how much they need to save for retirement.
30% of workers have less than $1,000 saved for retirement.
45% of Baby Boomers have no retirement savings.
Only 16% of Millennials are confident that they will have enough money for retirement.
21% of Americans have nothing at all saved for retirement.

Retirement Age

The average retirement age in the United States is 62 years old.
35% of workers plan to retire after age 65.
26% of workers plan to retire before age 65.
39% of workers plan to retire at age 65.

Retirement by Generation

Retirement trends and insights vary significantly by generation. Here are five statistics that provide an overview of retirement by generation:

Baby Boomers

Only 55% of Baby Boomers have any retirement savings at all.
The average retirement age for Baby Boomers is 65 years old.

Generation X

64% of Gen Xers believe they will not have enough money saved for retirement.
The average amount Gen Xers have saved for retirement is just $64,000.

Millennials

66% of Millennials have nothing saved for retirement.
The majority of Millennials plan to retire between the ages of 65 and 74.

Retirement Income

The average retirement income for Americans is $50,000 per year.
33% of Americans have no retirement savings at all.
Social Security accounts for 90% or more of income for 34% of retirees.
42% of Americans are at risk of running out of money in retirement.
20% of Americans over the age of 65 are still working.

Retirement Cost

The average retiree spends $3,800 per month.
40% of retirees have a mortgage or other debt.
80% of retirees have at least one chronic health condition.
18% of retirees have to financially support their children or grandchildren.
The average cost of healthcare for a retiree is $4,300 per year.

Retirement Savings

The median retirement savings for Baby Boomers is $152,000.
The median retirement savings for Generation X is $66,000.
The median retirement savings for Millennials is $23,000.
53% of workers have not increased their retirement savings contribution rate in the last year.
25% of workers have decreased their retirement savings contribution rate in the last year.

Retirement Trends

49% of workers plan to work part-time in retirement.
29% of workers plan to work full-time in retirement.
22% of workers do not plan to work in retirement.
34% of retirees have gone back to work after retiring.
Women are more likely to retire earlier than men.

Retirement Satisfaction

64% of retirees are satisfied with their retirement.
36% of retirees are not satisfied with their retirement.
85% of retirees have at least one leisure activity that they enjoy.
70% of retirees volunteer their time to help others.
66% of retirees spend more time with their family after retiring.

Retirement Planning Tools

45% of workers use a retirement savings calculator.
31% of workers use a financial advisor for retirement planning.
29% of workers use Social Security benefits calculators.
21% of workers use online retirement planning tools.
20% of workers use retirement planning workshops.

Retirement and Social Security

The maximum Social Security benefit for someone retiring at full retirement age in 2021 is $3,148 per month.
The average Social Security benefit for retired workers in 2021 is $1,543 per month.
50% of married couples and 71% of unmarried individuals rely on Social Security for at least half of their income.
Social Security will be insolvent by 2035 if no changes are made to the system.
The full retirement age for Social Security is 67 for those born in 1960 or later.

Retirement and Work

60% of workers plan to work during retirement.
74% of workers plan to work for pay after retirement.
69% of workers plan to work for fun after retirement.
58% of retirees have worked for pay since retiring.
40% of workers say they will never retire.

Retirement and Debt

44% of retirees have credit card debt.
30% of retirees have mortgage debt.
15% of retirees have student loan debt.
26% of retirees have unpaid medical bills.
The average credit card debt for retirees is $7,000.

Retirement and Homeownership

76% of retirees own their home.
41% of retirees who own their home have paid off their mortgage.
25% of retirees who own their home have a mortgage.
34% of retirees who own their home have no mortgage or rent payment.
5% of retirees live with their children.

Additional Retirement Statistics

Baby boomers are retiring at a rate of about 10,000 per day in the United States.
Approximately two-thirds of Americans believe they will need over $1 million saved for their retirement years.
More than half (54%) of adults aged 55 or older have no retirement savings in an employer-sponsored 401(k) or similar plan.
In 2020, the average monthly Social Security benefit for retired workers was $1,503.
The number of people aged 65 and older who are still working has more than doubled since 1985.
A study by the National Institute on Retirement Security found that the retirement savings gap for American households aged 25 to 64 is $7.7 trillion.
Around one-third of retirees rely on Social Security as their only source of income in retirement.
The average life expectancy in the United States is around 78 years old, which means many Americans will need to fund a retirement that could last several decades.

Retirement can be a time of relaxation and enjoyment, but it's important to have a plan in place. These 60 retirement statistics provide a detailed and in-depth look at retirement trends, insights, and statistics that can help you plan for your retirement. Remember, the more informed you are, the better prepared you will be for the future.

Conclusion

Retirement planning can be overwhelming, but it doesn't have to be. Start by setting a retirement goal and calculating how much you need to save. Consider working with a financial advisor or using online retirement planning tools to help you create a plan. Remember, it's never too early or too late to start saving for retirement. The key is to take action and make retirement planning a priority.