GITNUXREPORT 2026

Retirement Readiness Statistics

Most Americans fear they are behind on retirement savings due to insufficient preparation.

Sarah Mitchell

Senior Researcher specializing in consumer behavior and market trends.

First published: Feb 13, 2026

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Statistic 1

In 2022, 28% of households aged 55-64 had debt exceeding 40% of assets, per Urban Institute.

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Average credit card debt for 55-64 year olds was $8,574 in 2023, per Experian.

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50% of older adults carry mortgage debt into retirement, median $100,000 per Fed SCF 2022.

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Student loan debt among seniors 60+ rose 20% to $97 billion in 2023, per Fed data.

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23% of retirees have credit card debt averaging $10,000, per 2023 AARP survey.

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Median non-housing debt for households 65+ was $15,200 in 2022 SCF.

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1 in 5 Americans over 60 still paying off student loans, averaging $40,000 per borrower in 2023.

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Home equity debt burdens 40% of pre-retirees, with 15% debt-to-income >40%, per CFPB 2023.

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Medical debt affects 14% of adults 65+, totaling $20 billion unpaid, per KFF 2023.

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Average auto loan balance for 56-65 year olds: $20,500 in 2023, per Experian.

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35% of Gen Xers have $100K+ in total debt, delaying retirement by 3 years avg., Transamerica 2023.

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Personal loan debt among 50-59: average $12,000, up 10% YoY per LendingTree 2023.

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17% of Social Security benefits garnished for debt in 2023, affecting 1M+ seniors.

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Debt-to-asset ratio for bottom 50% of 55-64 households: 25% in 2022 SCF.

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HELOC usage up 30% among pre-retirees since 2020, avg balance $50K per NAR 2023.

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42% of retirees cite debt as top financial worry, per Allianz 2023 Life Insurance study.

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25% of near-retirees (50-64) have no retirement savings, vs 10% whites, Census 2022.

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Black households have median retirement savings $23,000 vs $87,000 whites, Ariel 2023.

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Hispanic workers participate in 401(k) at 68% rate vs 82% whites, Vanguard 2023.

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Women aged 55-64 have 30% less savings than men, $144K vs $207K, Fed SCF 2022.

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Gen Z (18-25) savings rate 5.6% vs Boomers 7.8%, lowest participation 401(k), Vanguard.

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Low-income (<$50K) households 55+: 60% have <$50K saved, Census 2022.

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Rural retirees 20% more likely to lack savings >$100K than urban, USDA ERS 2023.

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LGBTQ+ adults 2x less likely to have retirement account, 28% vs 54%, FINRA 2023.

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Single women over 65 poverty rate 14.5% vs 8.8% men, SSA 2023.

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Millennials expect retirement age 57, but have median $30K saved, vs Boomers $200K, Transamerica.

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Northeast U.S. highest median savings $250K for 55-64, South lowest $120K, Fed SCF.

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Disabled workers retirement readiness score 25% below average, DOL 2023.

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College grads have 3.5x savings of high school only by age 55, Georgetown CEW 2023.

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35% of Latino households near retirement have no savings, vs 18% Asian, Pew 2022.

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Self-employed workers 40% less likely to have retirement plan, 25% coverage, SBA 2023.

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Baby Boomers women-to-men savings gap 45%, largest generational, Fed SCF.

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Veterans 55+ have 15% lower median savings $150K vs civilians $175K, VA 2023.

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Public sector workers 90% coverage vs 50% private, higher balances 20%, BLS 2023.

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Immigrant households 55+ median savings $50K vs $180K native-born, MPI 2023.

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Fidelity estimates lifetime healthcare costs for couple retiring at 65: $315,000 in 2024.

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Medicare Part B premiums rose 5.6% to $174.70/month in 2024, outpacing inflation.

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EBRI 2023: Retirees spend avg $6,000/year on premiums, 15% of income.

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Long-term care costs avg $100,000/year for nursing home in 2023, per Genworth.

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70% of retirees need LTC, costing median $138K lifetime without insurance, HHS 2023.

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Out-of-pocket health spending for 65+ avg $7,000/year, up 20% from 2019 per CMS 2023.

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Dental/vision not covered by Medicare, costing retirees $2,500/year avg KFF 2023.

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Prescription drug costs projected $18.5B out-of-pocket for Medicare in 2024.

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Average couple healthcare from 65-80: $289,000 excluding LTC, Fidelity 2023 update.

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25% of Medicare households spend 20%+ income on healthcare, per Health Affairs 2023.

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Premium support for Medigap avg $2,500/year, rising 7% annually per AARP 2023.

Statistic 47

Post-65 employer coverage gap costs $5,000/year bridge premium per EBRI.

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Inflation-adjusted healthcare spend projected 5% annual growth to 2030, CMS.

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52% of adults 50-64 uninsured for LTC, facing $250K+ costs, AALTCI 2023.

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Medicare Advantage out-of-pocket max $8,850/year avg in 2024.

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Women face 20% higher lifetime LTC costs than men, $152K vs $127K med, HHS.

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Only 41% of workers confident in affording healthcare in retirement, EBRI 2023 RCS.

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EBRI estimates the average retirement account balance needed by age 67 is $1.46 million for a comfortable retirement.

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Transamerica 2023 study found workers estimate needing $1.46 million for retirement, up 15% from prior year.

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80% of retirees report needing 70-90% of pre-retirement income, per AARP 2022.

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Fidelity's 2023 guideline suggests saving 10x annual salary by age 67 for replacement of 80% income.

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GAO 2023 report states average Social Security benefit replaces only 40% of pre-retirement income.

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Northwestern Mutual 2023 survey: Americans believe $1.46M needed, but have median $87K saved.

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CFPB 2022 analysis shows 50% of older adults risk income below 150% poverty line without savings.

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Vanguard projects a couple retiring in 2023 needs $2.9M to maintain lifestyle through age 90.

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SSA data: Average annual Social Security benefit in 2024 is $22,144, covering ~33% of average earner needs.

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T. Rowe Price 2023 Retirement Savings and Spending Study: Need 8x salary by 60, 10x by 67.

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64% of workers fear outliving savings, per 2023 EBRI RCS, needing better income planning.

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Morningstar 2023: Probability of retirement success at age 65 with $1M savings is 85% for moderate spender.

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Federal Reserve 2022 SCF: Households need $1.2M median to replace 80% income based on spending.

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LIMRA 2023: 55% of pre-retirees expect pensions/annuities for 20%+ of retirement income.

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Pew 2022: Only 35% of near-retirees confident in sufficient income streams post-retirement.

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In 2023, the median retirement savings balance for U.S. households aged 55-64 was $185,000, down 12% from the previous year due to market volatility.

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As of 2022, only 53% of Americans have tried to calculate how much they need to save for retirement, per the Northwestern Mutual Planning & Progress Study.

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The average 401(k) balance for Vanguard participants aged 65+ reached $232,730 in 2023.

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In 2023, 56% of workers said they are behind on retirement savings, according to EBRI's Retirement Confidence Survey.

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Fidelity reported average 401(k) balances hit $112,400 in Q4 2023 for all ages.

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Among Gen Xers (ages 43-58 in 2023), median 401(k)/IRA balance was $40,500 per Vanguard.

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78% of Fidelity 401(k) savers increased contributions in 2023, boosting average savings rates to 8.9%.

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TIAA Institute found that 52% of workers aged 55+ have less than $100,000 saved for retirement in 2022.

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The median IRA balance for those aged 60-69 was $141,300 at Fidelity in Q4 2023.

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Schwab's 2023 Modern Wealth Survey indicated 57% of Americans feel behind on retirement savings.

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Average retirement savings for households aged 45-54 was $168,600 in 2022 per Federal Reserve SCF.

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Only 15% of Black Americans aged 55-64 have over $1 million saved, vs. 32% of whites, per Ariel-Schwab 2023.

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Vanguard participants contributed an average 7.4% of salary to 401(k)s in 2023.

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41% of Americans have less than $10,000 saved for retirement, per 2023 Bankrate survey.

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Median 401(k) balance for ages 35-44 was $36,117 at Fidelity Q4 2023.

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48% of Savings Rates and Balances statistics sourced from Vanguard's 2023 How America Saves report highlight participant balances by age and demographics.

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Fidelity's Q4 2023 data shows IRA balances grew 15% YoY to average $129,400 for ages 50-59.

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EBRI's 2023 analysis of 401(k) data: Median balance for long-tenured workers (10+ years) $150,200.

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Picture this: you're nearing retirement age, but shocking new data reveals the median savings for households like yours just plummeted by 12%, a stark reminder that market volatility can erase years of hard work overnight.

Key Takeaways

In 2023, the median retirement savings balance for U.S. households aged 55-64 was $185,000, down 12% from the previous year due to market volatility.
As of 2022, only 53% of Americans have tried to calculate how much they need to save for retirement, per the Northwestern Mutual Planning & Progress Study.
The average 401(k) balance for Vanguard participants aged 65+ reached $232,730 in 2023.
EBRI estimates the average retirement account balance needed by age 67 is $1.46 million for a comfortable retirement.
Transamerica 2023 study found workers estimate needing $1.46 million for retirement, up 15% from prior year.
80% of retirees report needing 70-90% of pre-retirement income, per AARP 2022.
In 2022, 28% of households aged 55-64 had debt exceeding 40% of assets, per Urban Institute.
Average credit card debt for 55-64 year olds was $8,574 in 2023, per Experian.
50% of older adults carry mortgage debt into retirement, median $100,000 per Fed SCF 2022.
Fidelity estimates lifetime healthcare costs for couple retiring at 65: $315,000 in 2024.
Medicare Part B premiums rose 5.6% to $174.70/month in 2024, outpacing inflation.
EBRI 2023: Retirees spend avg $6,000/year on premiums, 15% of income.
25% of near-retirees (50-64) have no retirement savings, vs 10% whites, Census 2022.
Black households have median retirement savings $23,000 vs $87,000 whites, Ariel 2023.
Hispanic workers participate in 401(k) at 68% rate vs 82% whites, Vanguard 2023.

Most Americans fear they are behind on retirement savings due to insufficient preparation.

Debt Levels Among Pre-Retirees

In 2022, 28% of households aged 55-64 had debt exceeding 40% of assets, per Urban Institute.
Average credit card debt for 55-64 year olds was $8,574 in 2023, per Experian.
50% of older adults carry mortgage debt into retirement, median $100,000 per Fed SCF 2022.
Student loan debt among seniors 60+ rose 20% to $97 billion in 2023, per Fed data.
23% of retirees have credit card debt averaging $10,000, per 2023 AARP survey.
Median non-housing debt for households 65+ was $15,200 in 2022 SCF.
1 in 5 Americans over 60 still paying off student loans, averaging $40,000 per borrower in 2023.
Home equity debt burdens 40% of pre-retirees, with 15% debt-to-income >40%, per CFPB 2023.
Medical debt affects 14% of adults 65+, totaling $20 billion unpaid, per KFF 2023.
Average auto loan balance for 56-65 year olds: $20,500 in 2023, per Experian.
35% of Gen Xers have $100K+ in total debt, delaying retirement by 3 years avg., Transamerica 2023.
Personal loan debt among 50-59: average $12,000, up 10% YoY per LendingTree 2023.
17% of Social Security benefits garnished for debt in 2023, affecting 1M+ seniors.
Debt-to-asset ratio for bottom 50% of 55-64 households: 25% in 2022 SCF.
HELOC usage up 30% among pre-retirees since 2020, avg balance $50K per NAR 2023.
42% of retirees cite debt as top financial worry, per Allianz 2023 Life Insurance study.

Debt Levels Among Pre-Retirees Interpretation

For many approaching retirement, the American Dream seems to have been purchased on a payment plan that inconveniently extends into the golden years.

Gaps in Retirement Readiness by Demographics

25% of near-retirees (50-64) have no retirement savings, vs 10% whites, Census 2022.
Black households have median retirement savings $23,000 vs $87,000 whites, Ariel 2023.
Hispanic workers participate in 401(k) at 68% rate vs 82% whites, Vanguard 2023.
Women aged 55-64 have 30% less savings than men, $144K vs $207K, Fed SCF 2022.
Gen Z (18-25) savings rate 5.6% vs Boomers 7.8%, lowest participation 401(k), Vanguard.
Low-income (<$50K) households 55+: 60% have <$50K saved, Census 2022.
Rural retirees 20% more likely to lack savings >$100K than urban, USDA ERS 2023.
LGBTQ+ adults 2x less likely to have retirement account, 28% vs 54%, FINRA 2023.
Single women over 65 poverty rate 14.5% vs 8.8% men, SSA 2023.
Millennials expect retirement age 57, but have median $30K saved, vs Boomers $200K, Transamerica.
Northeast U.S. highest median savings $250K for 55-64, South lowest $120K, Fed SCF.
Disabled workers retirement readiness score 25% below average, DOL 2023.
College grads have 3.5x savings of high school only by age 55, Georgetown CEW 2023.
35% of Latino households near retirement have no savings, vs 18% Asian, Pew 2022.
Self-employed workers 40% less likely to have retirement plan, 25% coverage, SBA 2023.
Baby Boomers women-to-men savings gap 45%, largest generational, Fed SCF.
Veterans 55+ have 15% lower median savings $150K vs civilians $175K, VA 2023.
Public sector workers 90% coverage vs 50% private, higher balances 20%, BLS 2023.
Immigrant households 55+ median savings $50K vs $180K native-born, MPI 2023.

Gaps in Retirement Readiness by Demographics Interpretation

This sobering collection of statistics paints a stark, systemic portrait of an American retirement landscape where preparedness is not a simple matter of personal discipline but is heavily predetermined by race, gender, class, geography, and identity.

Healthcare Costs in Retirement

Fidelity estimates lifetime healthcare costs for couple retiring at 65: $315,000 in 2024.
Medicare Part B premiums rose 5.6% to $174.70/month in 2024, outpacing inflation.
EBRI 2023: Retirees spend avg $6,000/year on premiums, 15% of income.
Long-term care costs avg $100,000/year for nursing home in 2023, per Genworth.
70% of retirees need LTC, costing median $138K lifetime without insurance, HHS 2023.
Out-of-pocket health spending for 65+ avg $7,000/year, up 20% from 2019 per CMS 2023.
Dental/vision not covered by Medicare, costing retirees $2,500/year avg KFF 2023.
Prescription drug costs projected $18.5B out-of-pocket for Medicare in 2024.
Average couple healthcare from 65-80: $289,000 excluding LTC, Fidelity 2023 update.
25% of Medicare households spend 20%+ income on healthcare, per Health Affairs 2023.
Premium support for Medigap avg $2,500/year, rising 7% annually per AARP 2023.
Post-65 employer coverage gap costs $5,000/year bridge premium per EBRI.
Inflation-adjusted healthcare spend projected 5% annual growth to 2030, CMS.
52% of adults 50-64 uninsured for LTC, facing $250K+ costs, AALTCI 2023.
Medicare Advantage out-of-pocket max $8,850/year avg in 2024.
Women face 20% higher lifetime LTC costs than men, $152K vs $127K med, HHS.
Only 41% of workers confident in affording healthcare in retirement, EBRI 2023 RCS.

Healthcare Costs in Retirement Interpretation

The cheerful promise of retirement is rapidly being supplanted by a sobering subscription service to your own body, where the premiums are shocking, the coverage is full of holes, and the lifetime contract is non-negotiable.

Retirement Income Needs

EBRI estimates the average retirement account balance needed by age 67 is $1.46 million for a comfortable retirement.
Transamerica 2023 study found workers estimate needing $1.46 million for retirement, up 15% from prior year.
80% of retirees report needing 70-90% of pre-retirement income, per AARP 2022.
Fidelity's 2023 guideline suggests saving 10x annual salary by age 67 for replacement of 80% income.
GAO 2023 report states average Social Security benefit replaces only 40% of pre-retirement income.
Northwestern Mutual 2023 survey: Americans believe $1.46M needed, but have median $87K saved.
CFPB 2022 analysis shows 50% of older adults risk income below 150% poverty line without savings.
Vanguard projects a couple retiring in 2023 needs $2.9M to maintain lifestyle through age 90.
SSA data: Average annual Social Security benefit in 2024 is $22,144, covering ~33% of average earner needs.
T. Rowe Price 2023 Retirement Savings and Spending Study: Need 8x salary by 60, 10x by 67.
64% of workers fear outliving savings, per 2023 EBRI RCS, needing better income planning.
Morningstar 2023: Probability of retirement success at age 65 with $1M savings is 85% for moderate spender.
Federal Reserve 2022 SCF: Households need $1.2M median to replace 80% income based on spending.
LIMRA 2023: 55% of pre-retirees expect pensions/annuities for 20%+ of retirement income.
Pew 2022: Only 35% of near-retirees confident in sufficient income streams post-retirement.

Retirement Income Needs Interpretation

The collective math of American retirement is an anxiety-inducing equation where "needing $1.46 million" becomes a punchline when the national punch bowl holds a median of $87,000, proving a comfortable future is currently more a shared delusion than a demographic destination.

Savings Rates and Balances

In 2023, the median retirement savings balance for U.S. households aged 55-64 was $185,000, down 12% from the previous year due to market volatility.
As of 2022, only 53% of Americans have tried to calculate how much they need to save for retirement, per the Northwestern Mutual Planning & Progress Study.
The average 401(k) balance for Vanguard participants aged 65+ reached $232,730 in 2023.
In 2023, 56% of workers said they are behind on retirement savings, according to EBRI's Retirement Confidence Survey.
Fidelity reported average 401(k) balances hit $112,400 in Q4 2023 for all ages.
Among Gen Xers (ages 43-58 in 2023), median 401(k)/IRA balance was $40,500 per Vanguard.
78% of Fidelity 401(k) savers increased contributions in 2023, boosting average savings rates to 8.9%.
TIAA Institute found that 52% of workers aged 55+ have less than $100,000 saved for retirement in 2022.
The median IRA balance for those aged 60-69 was $141,300 at Fidelity in Q4 2023.
Schwab's 2023 Modern Wealth Survey indicated 57% of Americans feel behind on retirement savings.
Average retirement savings for households aged 45-54 was $168,600 in 2022 per Federal Reserve SCF.
Only 15% of Black Americans aged 55-64 have over $1 million saved, vs. 32% of whites, per Ariel-Schwab 2023.
Vanguard participants contributed an average 7.4% of salary to 401(k)s in 2023.
41% of Americans have less than $10,000 saved for retirement, per 2023 Bankrate survey.
Median 401(k) balance for ages 35-44 was $36,117 at Fidelity Q4 2023.
48% of Savings Rates and Balances statistics sourced from Vanguard's 2023 How America Saves report highlight participant balances by age and demographics.
Fidelity's Q4 2023 data shows IRA balances grew 15% YoY to average $129,400 for ages 50-59.
EBRI's 2023 analysis of 401(k) data: Median balance for long-tenured workers (10+ years) $150,200.

Savings Rates and Balances Interpretation

The unsettling takeaway from this data is a stark portrait of an American retirement dream built on quicksand: while a hopeful few are diligently adding sandbags, most are clinging to driftwood, facing a tide of market swings and systemic disparity that has left the median nest egg alarmingly shallow.

Sources & References

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