GITNUXREPORT 2025

Retirement Readiness Statistics

Many Americans lack sufficient retirement savings, risking financial insecurity overall.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

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Statistic 1

The estimated average annual retirement expenditure for Americans is about $49,000

Statistic 2

Around 80% of retirees say health expenses are their largest retirement cost

Statistic 3

Around 45% of retirees work part-time during retirement, either out of necessity or choice

Statistic 4

The typical worker will need approximately 80% of their pre-retirement income to maintain their lifestyle

Statistic 5

Americans aged 65 and older predict they will need approximately $157,000 for healthcare costs in retirement

Statistic 6

Nearly 85% of retirees report health issues that impact their finances and retirement plans, with health expenses being the primary concern

Statistic 7

One-third of retirees rely on income from part-time work to bridge the gap between expenses and savings

Statistic 8

The average age at which Americans expect to retire is 66, but the average actual retirement age is around 65

Statistic 9

Nearly 40 million baby boomers are aged 58-76, with many approaching retirement age

Statistic 10

Only about 30% of Americans aged 55 and older have a comprehensive retirement plan

Statistic 11

The average duration of retirement is projected to be 20-30 years, depending on health and lifestyle

Statistic 12

The number of millionaires in the U.S. reaching retirement age has increased by over 20% in the last five years

Statistic 13

The percentage of Americans aged 60 and above who have access to employer-sponsored retirement plans is over 55%

Statistic 14

The average retirement age in the U.S. is expected to rise to 67 by 2030 due to increased lifespan and economic factors

Statistic 15

Approximately 20% of workers plan to delay retirement beyond age 65, citing financial necessity or personal choice

Statistic 16

The percentage of Americans with no retirement savings who report they will need to work until age 70 or older is approximately 75%

Statistic 17

The percentage of Americans who have calculated how much money they need for retirement is approximately 40%, indicating many have not planned thoroughly

Statistic 18

The median age of retirement in the U.S. is 66 years, with variations based on socioeconomic factors

Statistic 19

The percentage of Americans with a retirement plan that includes diversified investments is around 65%, emphasizing the importance of asset allocation

Statistic 20

Less than 20% of Americans aged 50+ report having a financial advisor for retirement planning, indicating a gap in professional guidance

Statistic 21

The average retiree spends approximately 13-15 years in retirement, necessitating long-term financial planning

Statistic 22

Only 42% of Americans are very confident they will have enough money for a comfortable retirement

Statistic 23

The likelihood of retirement readiness significantly decreases for individuals earning less than $50,000 annually

Statistic 24

Only 1 in 4 workers has saved enough to generate a comfortable retirement income

Statistic 25

Just 25% of workers are highly confident they will meet their retirement savings goals

Statistic 26

Only about 35% of Americans have a clear, written retirement plan

Statistic 27

Roughly 90% of early retirement households were partially or fully unprepared financially

Statistic 28

About 12 million Americans are semi-retired, working reduced hours or part-time, seeking to supplement retirement income

Statistic 29

Over 60% of retirees worry about outliving their savings, making longevity risk a top concern

Statistic 30

At least 50% of workers are at risk of not being able to meet their retirement goals without additional savings or income sources

Statistic 31

About 85% of Americans over the age of 50 believe that Social Security will be insufficient to meet their retirement needs, prompting increased savings efforts

Statistic 32

The average 401(k) balance for those nearing retirement (age 55-64) is $196,000

Statistic 33

Nearly 60% of retirement savers have less than $25,000 saved for retirement

Statistic 34

About 15% of Americans aged 55 and older have no retirement savings at all

Statistic 35

The median retirement account balance for all workers is approximately $35,000

Statistic 36

45% of workers have no workplace retirement savings

Statistic 37

The percentage of working Americans participating in any employer-sponsored retirement plan is approximately 60%

Statistic 38

Women have an average retirement savings of $36,000, compared to $130,000 for men

Statistic 39

The dropout rate from retirement savings plans is highest among younger workers, especially those aged 25-34

Statistic 40

The median household retirement savings is generally below $15,000 for those nearing retirement age

Statistic 41

Only 56% of workers participate in an employer-sponsored retirement plan, indicating room for increased engagement

Statistic 42

45% of working Americans have less than $10,000 saved for retirement

Statistic 43

About 75% of Americans believe they are behind schedule on saving for retirement, but only 20% are actively saving more

Statistic 44

The median American retirement savings account balance has increased slightly over the past decade but remains around $35,000

Statistic 45

Less than 40% of Americans contribute the maximum allowed to their 401(k) each year

Statistic 46

The average annual savings per American worker is about $6,000, below the recommended levels for adequate retirement

Statistic 47

Approximately 70% of older Americans have less than $100,000 saved for retirement and are not financially prepared for a long retirement

Statistic 48

Only 25% of Americans participate in employer-sponsored pension plans, with many relying on Social Security

Statistic 49

Nearly 60% of retirees have moderate or high concern about running out of money during retirement, highlighting financial insecurity

Statistic 50

The percentage of workers contributing less than 5% of their income to retirement plans is approximately 30%, suggesting many are undersaving

Statistic 51

70% of Americans report that Social Security will be their primary source of retirement income

Statistic 52

Approximately 50% of retirees rely solely on Social Security for income, without other retirement savings

Statistic 53

Social Security is expected to replace about 40% of pre-retirement income for most retirees

Statistic 54

The average monthly Social Security benefit for retired workers is approximately $1,800, serving as a critical income source

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Sources

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Key Highlights

Only 42% of Americans are very confident they will have enough money for a comfortable retirement
The average 401(k) balance for those nearing retirement (age 55-64) is $196,000
Nearly 60% of retirement savers have less than $25,000 saved for retirement
About 15% of Americans aged 55 and older have no retirement savings at all
The median retirement account balance for all workers is approximately $35,000
The likelihood of retirement readiness significantly decreases for individuals earning less than $50,000 annually
Only 1 in 4 workers has saved enough to generate a comfortable retirement income
The average age at which Americans expect to retire is 66, but the average actual retirement age is around 65
45% of workers have no workplace retirement savings
The percentage of working Americans participating in any employer-sponsored retirement plan is approximately 60%
Women have an average retirement savings of $36,000, compared to $130,000 for men
The dropout rate from retirement savings plans is highest among younger workers, especially those aged 25-34
70% of Americans report that Social Security will be their primary source of retirement income

With only 42% of Americans confident in their retirement prospects and many approaching retirement with less than $25,000 saved, it’s clear that America’s retirement readiness crisis demands immediate attention and strategic action.

Retirement Expenses and Healthcare

The estimated average annual retirement expenditure for Americans is about $49,000
Around 80% of retirees say health expenses are their largest retirement cost
Around 45% of retirees work part-time during retirement, either out of necessity or choice
The typical worker will need approximately 80% of their pre-retirement income to maintain their lifestyle
Americans aged 65 and older predict they will need approximately $157,000 for healthcare costs in retirement
Nearly 85% of retirees report health issues that impact their finances and retirement plans, with health expenses being the primary concern
One-third of retirees rely on income from part-time work to bridge the gap between expenses and savings

Retirement Expenses and Healthcare Interpretation

With Americans needing around $157,000 for healthcare and 85% facing health-related financial hurdles, it's clear that even in retirement, health costs remain the formidable gatekeepers to financial peace—and a compelling call for smarter planning.

Retirement Planning and Age

The average age at which Americans expect to retire is 66, but the average actual retirement age is around 65
Nearly 40 million baby boomers are aged 58-76, with many approaching retirement age
Only about 30% of Americans aged 55 and older have a comprehensive retirement plan
The average duration of retirement is projected to be 20-30 years, depending on health and lifestyle
The number of millionaires in the U.S. reaching retirement age has increased by over 20% in the last five years
The percentage of Americans aged 60 and above who have access to employer-sponsored retirement plans is over 55%
The average retirement age in the U.S. is expected to rise to 67 by 2030 due to increased lifespan and economic factors
Approximately 20% of workers plan to delay retirement beyond age 65, citing financial necessity or personal choice
The percentage of Americans with no retirement savings who report they will need to work until age 70 or older is approximately 75%
The percentage of Americans who have calculated how much money they need for retirement is approximately 40%, indicating many have not planned thoroughly
The median age of retirement in the U.S. is 66 years, with variations based on socioeconomic factors
The percentage of Americans with a retirement plan that includes diversified investments is around 65%, emphasizing the importance of asset allocation
Less than 20% of Americans aged 50+ report having a financial advisor for retirement planning, indicating a gap in professional guidance
The average retiree spends approximately 13-15 years in retirement, necessitating long-term financial planning

Retirement Planning and Age Interpretation

Despite Americans' optimistic expectation to retire at 66, the reality that most leave work a year earlier with only a fraction having comprehensive plans and diversified investments underscores that many are gambling their golden years on unprepared financial futures—making longevity not just a blessing but a calculated risk.

Retirement Preparedness and Confidence

Only 42% of Americans are very confident they will have enough money for a comfortable retirement
The likelihood of retirement readiness significantly decreases for individuals earning less than $50,000 annually
Only 1 in 4 workers has saved enough to generate a comfortable retirement income
Just 25% of workers are highly confident they will meet their retirement savings goals
Only about 35% of Americans have a clear, written retirement plan
Roughly 90% of early retirement households were partially or fully unprepared financially
About 12 million Americans are semi-retired, working reduced hours or part-time, seeking to supplement retirement income
Over 60% of retirees worry about outliving their savings, making longevity risk a top concern
At least 50% of workers are at risk of not being able to meet their retirement goals without additional savings or income sources
About 85% of Americans over the age of 50 believe that Social Security will be insufficient to meet their retirement needs, prompting increased savings efforts

Retirement Preparedness and Confidence Interpretation

With only a quarter of workers feeling confident about their retirement and the majority fearing outliving their savings, it's clear that America's retirement preparedness is less a plan and more a precarious gamble on Social Security and luck.

Retirement Savings and Balances

The average 401(k) balance for those nearing retirement (age 55-64) is $196,000
Nearly 60% of retirement savers have less than $25,000 saved for retirement
About 15% of Americans aged 55 and older have no retirement savings at all
The median retirement account balance for all workers is approximately $35,000
45% of workers have no workplace retirement savings
The percentage of working Americans participating in any employer-sponsored retirement plan is approximately 60%
Women have an average retirement savings of $36,000, compared to $130,000 for men
The dropout rate from retirement savings plans is highest among younger workers, especially those aged 25-34
The median household retirement savings is generally below $15,000 for those nearing retirement age
Only 56% of workers participate in an employer-sponsored retirement plan, indicating room for increased engagement
45% of working Americans have less than $10,000 saved for retirement
About 75% of Americans believe they are behind schedule on saving for retirement, but only 20% are actively saving more
The median American retirement savings account balance has increased slightly over the past decade but remains around $35,000
Less than 40% of Americans contribute the maximum allowed to their 401(k) each year
The average annual savings per American worker is about $6,000, below the recommended levels for adequate retirement
Approximately 70% of older Americans have less than $100,000 saved for retirement and are not financially prepared for a long retirement
Only 25% of Americans participate in employer-sponsored pension plans, with many relying on Social Security
Nearly 60% of retirees have moderate or high concern about running out of money during retirement, highlighting financial insecurity
The percentage of workers contributing less than 5% of their income to retirement plans is approximately 30%, suggesting many are undersaving

Retirement Savings and Balances Interpretation

Despite millions of Americans inching toward retirement with less than a latte's worth of savings, the stark reality is that a significant portion remains unprepared, highlighting a pressing need for increased engagement and smarter saving habits before the golden years become a financial cliff.

Social Security and Retirement Income

70% of Americans report that Social Security will be their primary source of retirement income
Approximately 50% of retirees rely solely on Social Security for income, without other retirement savings
Social Security is expected to replace about 40% of pre-retirement income for most retirees
The average monthly Social Security benefit for retired workers is approximately $1,800, serving as a critical income source

Social Security and Retirement Income Interpretation

With 70% of Americans counting on Social Security as their main retirement fund—yet half relying solely on it and receiving roughly $1,800 a month—the nation’s retirement safety net is more akin to a hammock, offering some support but hardly enough to fully rest on.