GITNUXREPORT 2026

Retirement Income Statistics

Social Security is essential, but most Americans face a serious retirement income shortfall.

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

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Statistic 1

Women aged 65+ have 82% of men's median retirement income at $42,000 vs $51,000.

Statistic 2

Black retirees have median income 75% of white retirees at $38,500 vs $51,200.

Statistic 3

Hispanic households 65+ median income $45,000 vs $52,000 non-Hispanic white.

Statistic 4

College graduates 65+ have 2.5x median income of high school grads.

Statistic 5

Rural retirees median income 20% below urban at $42,000.

Statistic 6

Married couples 65+ median income $72,000 vs $40,000 singles.

Statistic 7

Baby boomers median retirement savings $88,400.

Statistic 8

Northeast retirees highest median income $58,000 vs South $46,000.

Statistic 9

Self-employed 65+ median income $55,000 higher than employees.

Statistic 10

Veterans 65+ median income $52,000 vs $48,000 non-vets.

Statistic 11

Immigrants 65+ median income 25% below natives.

Statistic 12

LGBTQ+ retirees income 10% below average due to discrimination.

Statistic 13

Homeowners 65+ have 40x net worth of renters.

Statistic 14

Union households 65+ income 30% higher than non-union.

Statistic 15

Widowed women 65+ median $38,000 vs married $70,000.

Statistic 16

Divorced retirees spousal benefit: 18% of total recipients.

Statistic 17

Asian Americans 65+ highest median $65,000 income group.

Statistic 18

Low-income quartile 65+ income rose 5% adjusted 2019-22.

Statistic 19

Non-citizen retirees median income $35,000 lower.

Statistic 20

Fraternal benefit societies provide $2B retirement income.

Statistic 21

Blue-collar workers 65+ median $42k vs white-collar $62k.

Statistic 22

Farmers 65+ median income $48,000 from land sales.

Statistic 23

Disabled retirees income 60% of non-disabled peers.

Statistic 24

In 2022, the median annual retirement income for households headed by someone 65+ was $50,290, with 90% relying on Social Security.

Statistic 25

52% of retirees have less than $10,000 saved outside Social Security.

Statistic 26

Top 10% of retirees hold 89% of total retirement assets in 2022.

Statistic 27

Average retiree income from earnings: $18,400 annually for 65-69 group.

Statistic 28

88% of income for bottom quintile retirees from Social Security.

Statistic 29

Median net worth for 65-74 households: $410,000 in 2022.

Statistic 30

34% of retirees have income solely from Social Security.

Statistic 31

Home equity accounts for 30% of retiree net worth average.

Statistic 32

Withdrawals from retirement accounts average 4.2% annually.

Statistic 33

Annuity income averages $1,200/month for purchasers.

Statistic 34

Part-time work provides 15% of retiree income average.

Statistic 35

Reverse mortgage payouts average $200,000 lifetime income.

Statistic 36

Rental income contributes 8% to upper quintile retiree income.

Statistic 37

Median income replacement rate actual: 42% for 2022 retirees.

Statistic 38

Capital gains from investments: 12% of retiree income top half.

Statistic 39

Withdrawals exceeding 5% lead to 30% depletion risk in 20 yrs.

Statistic 40

Dividends yield 2.5% average in balanced portfolios.

Statistic 41

65% of retirees use rule of 55 for early 401(k) access.

Statistic 42

Part A Medicare trust fund depletes 2034, 89% solvency.

Statistic 43

Top 1% retirees average $4.5M annual income.

Statistic 44

State pensions pay average $25,000 to 2.5M retirees.

Statistic 45

Bonds in portfolios yield 4.5% post-2022 rate hikes.

Statistic 46

RMDs start at 73, average withdrawal $50,000/year.

Statistic 47

401(k) median balance for ages 65-74 in 2023 was $232,710.

Statistic 48

Defined benefit pensions cover only 15% of private sector workers in 2022.

Statistic 49

IRA median balance for 60-69 year olds: $196,800 in 2022.

Statistic 50

401(k) participation rate: 68% among private sector workers 2022.

Statistic 51

Cash balance plans assets grew 12% to $200B in 2022.

Statistic 52

Average 401(k) balance at retirement: $255,151 for ages 65+.

Statistic 53

Defined contribution plans hold $10.1 trillion assets end 2022.

Statistic 54

Roth IRA conversions surged 15% in 2023 for retirement income.

Statistic 55

Multiemployer pensions underfunded by $600B in 2022.

Statistic 56

Target-date fund assets $3.5 trillion, 30% of 401(k)s.

Statistic 57

HSA balances for 55-64: median $50,000 for retirement health.

Statistic 58

ESG funds in 401(k)s grew to 15% allocation 2023.

Statistic 59

Solo 401(k) plans average balance $150,000 for self-employed.

Statistic 60

403(b) plans median balance $85,000 for educators.

Statistic 61

SEP IRA average contributions $30,000 for small biz owners.

Statistic 62

SIMPLE IRA participation 5 million workers, median $25k bal.

Statistic 63

Cash value life insurance taps $500B for retirement income.

Statistic 64

Profit-sharing plans contribute 7% average to DC balances.

Statistic 65

Employee stock ownership plans cover 14 million, $1.4T assets.

Statistic 66

Hybrid pensions growing 10% yearly to $150B assets.

Statistic 67

Auto-enrollment boosts 401(k) savings rate to 8%.

Statistic 68

Keogh plans for self-employed average $100k balance.

Statistic 69

ESOPs distribute $20B annual income to participants.

Statistic 70

By 2034, Social Security trust fund projected to cover 79% of benefits.

Statistic 71

40% of workers expect retirement income to replace 70% of pre-retirement earnings by 2030.

Statistic 72

Retirement income adequacy gap: 44% of households at risk by 2025.

Statistic 73

78 million Americans will be 65+ by 2036, straining income sources.

Statistic 74

56% of Gen X expect shortfall in retirement income by 2040.

Statistic 75

Longevity risk: 50% chance of living to 90, needing 25+ years income.

Statistic 76

2030 projection: 25% drop in median replacement rate to 45%.

Statistic 77

AI impact: 20% fewer jobs by 2040 affecting retirement savings.

Statistic 78

Climate change costs to reduce retirement income 5-10% by 2050.

Statistic 79

60% of millennials on track for 80% replacement rate by 2060.

Statistic 80

Inflation-adjusted income needs 25% higher by 2040.

Statistic 81

Robo-advisors manage $1T in retirement assets by 2025 proj.

Statistic 82

Pension buyouts increased 20% in 2023 for income certainty.

Statistic 83

45% of households risk running out by age 90.

Statistic 84

Gig economy work to boost income 10% for 20% of retirees.

Statistic 85

Healthcare costs erode 15% of retirement income annually.

Statistic 86

Sustainable withdrawal rate drops to 3.5% with low bonds.

Statistic 87

35% shortfall projected for average worker retirement.

Statistic 88

Optimism rate for retirement security fell to 52% in 2023.

Statistic 89

50% live to 85, needing $1.5M corpus at 4% rule.

Statistic 90

SECURE 2.0 allows emergency withdrawals up to $1,000.

Statistic 91

28% of Gen Z saving 15%+ of income for retirement.

Statistic 92

4% rule success 95% over 30 years historical data.

Statistic 93

Average Social Security benefit for retired workers in 2023 was $1,827 per month.

Statistic 94

Average monthly Social Security payment for couples in 2023: $3,103.

Statistic 95

23 million retired workers receive average $22,000 annual Social Security in 2023.

Statistic 96

Disability benefits convert to retirement at 66, averaging $1,539/month.

Statistic 97

Maximum Social Security benefit at full retirement age 2024: $3,822/month.

Statistic 98

Survivor benefits average $900/month for 5.8 million widows.

Statistic 99

COLA increase 2024: 3.2% boosting average benefit to $1,907.

Statistic 100

67 million receive Social Security, 97% of 65+ population.

Statistic 101

Spousal benefits max 50% of worker's primary insurance amount.

Statistic 102

Windfall Elimination Provision affects 2.3 million beneficiaries.

Statistic 103

Earnings test reduces benefits up to $1 for every $2 over $21,240.

Statistic 104

SSI supplements retirement for 8 million low-income elderly.

Statistic 105

Delayed retirement credits add 8%/year up to 24% max.

Statistic 106

9.2 million receive SSDI, average $1,539 before retirement.

Statistic 107

Government pension offset reduces spousal benefits for 10k.

Statistic 108

Railroad retirement benefits average $3,000/month for 500k.

Statistic 109

Full retirement age rising to 67 for those born 1960+.

Statistic 110

Medicare premiums deduct 8% from average SS check.

Statistic 111

Federal retiree annuities average $28,000/year OPM data.

Statistic 112

Delayed claiming at 70 boosts benefits 24% over FRA.

Statistic 113

Child-in-care benefits end at child 16, affecting family income.

Statistic 114

OASDI cost 5.2% GDP in 2023, rising to 6% by 2035.

Statistic 115

Military retirement pay $35,000 average for 2M vets.

1/115

Sources

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While many retirees picture a comfortable golden age of leisure, the stark reality is that the median retirement income of just over $50,000 leaves most households perilously dependent on a Social Security system that may soon only cover 79% of its promised benefits.

Key Takeaways

In 2022, the median annual retirement income for households headed by someone 65+ was $50,290, with 90% relying on Social Security.
52% of retirees have less than $10,000 saved outside Social Security.
Top 10% of retirees hold 89% of total retirement assets in 2022.
Average Social Security benefit for retired workers in 2023 was $1,827 per month.
Average monthly Social Security payment for couples in 2023: $3,103.
23 million retired workers receive average $22,000 annual Social Security in 2023.
401(k) median balance for ages 65-74 in 2023 was $232,710.
Defined benefit pensions cover only 15% of private sector workers in 2022.
IRA median balance for 60-69 year olds: $196,800 in 2022.
Women aged 65+ have 82% of men's median retirement income at $42,000 vs $51,000.
Black retirees have median income 75% of white retirees at $38,500 vs $51,200.
Hispanic households 65+ median income $45,000 vs $52,000 non-Hispanic white.
By 2034, Social Security trust fund projected to cover 79% of benefits.
40% of workers expect retirement income to replace 70% of pre-retirement earnings by 2030.
Retirement income adequacy gap: 44% of households at risk by 2025.

Social Security is essential, but most Americans face a serious retirement income shortfall.

Demographics

Women aged 65+ have 82% of men's median retirement income at $42,000 vs $51,000.
Black retirees have median income 75% of white retirees at $38,500 vs $51,200.
Hispanic households 65+ median income $45,000 vs $52,000 non-Hispanic white.
College graduates 65+ have 2.5x median income of high school grads.
Rural retirees median income 20% below urban at $42,000.
Married couples 65+ median income $72,000 vs $40,000 singles.
Baby boomers median retirement savings $88,400.
Northeast retirees highest median income $58,000 vs South $46,000.
Self-employed 65+ median income $55,000 higher than employees.
Veterans 65+ median income $52,000 vs $48,000 non-vets.
Immigrants 65+ median income 25% below natives.
LGBTQ+ retirees income 10% below average due to discrimination.
Homeowners 65+ have 40x net worth of renters.
Union households 65+ income 30% higher than non-union.
Widowed women 65+ median $38,000 vs married $70,000.
Divorced retirees spousal benefit: 18% of total recipients.
Asian Americans 65+ highest median $65,000 income group.
Low-income quartile 65+ income rose 5% adjusted 2019-22.
Non-citizen retirees median income $35,000 lower.
Fraternal benefit societies provide $2B retirement income.
Blue-collar workers 65+ median $42k vs white-collar $62k.
Farmers 65+ median income $48,000 from land sales.
Disabled retirees income 60% of non-disabled peers.

Demographics Interpretation

The story of retirement in America reads like a deliberately uneven ledger, where your golden years are conspicuously gilded by who you are, where you worked, who you loved, and what you own.

Income Levels

In 2022, the median annual retirement income for households headed by someone 65+ was $50,290, with 90% relying on Social Security.
52% of retirees have less than $10,000 saved outside Social Security.
Top 10% of retirees hold 89% of total retirement assets in 2022.
Average retiree income from earnings: $18,400 annually for 65-69 group.
88% of income for bottom quintile retirees from Social Security.
Median net worth for 65-74 households: $410,000 in 2022.
34% of retirees have income solely from Social Security.
Home equity accounts for 30% of retiree net worth average.
Withdrawals from retirement accounts average 4.2% annually.
Annuity income averages $1,200/month for purchasers.
Part-time work provides 15% of retiree income average.
Reverse mortgage payouts average $200,000 lifetime income.
Rental income contributes 8% to upper quintile retiree income.
Median income replacement rate actual: 42% for 2022 retirees.
Capital gains from investments: 12% of retiree income top half.
Withdrawals exceeding 5% lead to 30% depletion risk in 20 yrs.
Dividends yield 2.5% average in balanced portfolios.
65% of retirees use rule of 55 for early 401(k) access.
Part A Medicare trust fund depletes 2034, 89% solvency.
Top 1% retirees average $4.5M annual income.
State pensions pay average $25,000 to 2.5M retirees.
Bonds in portfolios yield 4.5% post-2022 rate hikes.
RMDs start at 73, average withdrawal $50,000/year.

Income Levels Interpretation

We have built a retirement system where a few cruise on yachts funded by capital gains, while the vast majority are left desperately bobbing on a life raft of Social Security, hoping the patches hold.

Private Pensions

401(k) median balance for ages 65-74 in 2023 was $232,710.
Defined benefit pensions cover only 15% of private sector workers in 2022.
IRA median balance for 60-69 year olds: $196,800 in 2022.
401(k) participation rate: 68% among private sector workers 2022.
Cash balance plans assets grew 12% to $200B in 2022.
Average 401(k) balance at retirement: $255,151 for ages 65+.
Defined contribution plans hold $10.1 trillion assets end 2022.
Roth IRA conversions surged 15% in 2023 for retirement income.
Multiemployer pensions underfunded by $600B in 2022.
Target-date fund assets $3.5 trillion, 30% of 401(k)s.
HSA balances for 55-64: median $50,000 for retirement health.
ESG funds in 401(k)s grew to 15% allocation 2023.
Solo 401(k) plans average balance $150,000 for self-employed.
403(b) plans median balance $85,000 for educators.
SEP IRA average contributions $30,000 for small biz owners.
SIMPLE IRA participation 5 million workers, median $25k bal.
Cash value life insurance taps $500B for retirement income.
Profit-sharing plans contribute 7% average to DC balances.
Employee stock ownership plans cover 14 million, $1.4T assets.
Hybrid pensions growing 10% yearly to $150B assets.
Auto-enrollment boosts 401(k) savings rate to 8%.
Keogh plans for self-employed average $100k balance.
ESOPs distribute $20B annual income to participants.

Private Pensions Interpretation

If you're feeling optimistic, these numbers suggest a quiet retirement, but if you're feeling realistic, they loudly whisper, "You're probably on your own, so that 8% auto-savings better feel heroic."

Projections

By 2034, Social Security trust fund projected to cover 79% of benefits.
40% of workers expect retirement income to replace 70% of pre-retirement earnings by 2030.
Retirement income adequacy gap: 44% of households at risk by 2025.
78 million Americans will be 65+ by 2036, straining income sources.
56% of Gen X expect shortfall in retirement income by 2040.
Longevity risk: 50% chance of living to 90, needing 25+ years income.
2030 projection: 25% drop in median replacement rate to 45%.
AI impact: 20% fewer jobs by 2040 affecting retirement savings.
Climate change costs to reduce retirement income 5-10% by 2050.
60% of millennials on track for 80% replacement rate by 2060.
Inflation-adjusted income needs 25% higher by 2040.
Robo-advisors manage $1T in retirement assets by 2025 proj.
Pension buyouts increased 20% in 2023 for income certainty.
45% of households risk running out by age 90.
Gig economy work to boost income 10% for 20% of retirees.
Healthcare costs erode 15% of retirement income annually.
Sustainable withdrawal rate drops to 3.5% with low bonds.
35% shortfall projected for average worker retirement.
Optimism rate for retirement security fell to 52% in 2023.
50% live to 85, needing $1.5M corpus at 4% rule.
SECURE 2.0 allows emergency withdrawals up to $1,000.
28% of Gen Z saving 15%+ of income for retirement.
4% rule success 95% over 30 years historical data.

Projections Interpretation

Despite a troubling array of projections showing widespread shortfalls, we're collectively marching toward retirement with a mix of grim statistics, blind hope, and the faint comfort that a robot might manage the remnants of our savings.

Social Security

Average Social Security benefit for retired workers in 2023 was $1,827 per month.
Average monthly Social Security payment for couples in 2023: $3,103.
23 million retired workers receive average $22,000 annual Social Security in 2023.
Disability benefits convert to retirement at 66, averaging $1,539/month.
Maximum Social Security benefit at full retirement age 2024: $3,822/month.
Survivor benefits average $900/month for 5.8 million widows.
COLA increase 2024: 3.2% boosting average benefit to $1,907.
67 million receive Social Security, 97% of 65+ population.
Spousal benefits max 50% of worker's primary insurance amount.
Windfall Elimination Provision affects 2.3 million beneficiaries.
Earnings test reduces benefits up to $1 for every $2 over $21,240.
SSI supplements retirement for 8 million low-income elderly.
Delayed retirement credits add 8%/year up to 24% max.
9.2 million receive SSDI, average $1,539 before retirement.
Government pension offset reduces spousal benefits for 10k.
Railroad retirement benefits average $3,000/month for 500k.
Full retirement age rising to 67 for those born 1960+.
Medicare premiums deduct 8% from average SS check.
Federal retiree annuities average $28,000/year OPM data.
Delayed claiming at 70 boosts benefits 24% over FRA.
Child-in-care benefits end at child 16, affecting family income.
OASDI cost 5.2% GDP in 2023, rising to 6% by 2035.
Military retirement pay $35,000 average for 2M vets.

Social Security Interpretation

While Social Security offers a crucial floor of support, weaving together your own substantial retirement income is essential because the government's safety net, while impressively wide, is designed to catch you, not cradle you in comfort.

Sources & References

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