GITNUX MARKETDATA REPORT 2024

Retirement Savings Duration Statistics

On average, individuals save for retirement for around 37 years, with a standard deviation of about 10 years.

Last Updated: June 17, 2024

How we write

In this post, we will explore a comprehensive overview of retirement savings statistics in the United States. We will delve into various key figures, such as the average retirement age, savings balances by age groups, reliance on Social Security, and the troubling prevalence of inadequate retirement savings among Americans. By examining these statistics, we can gain valuable insights into the current state of retirement preparedness and the challenges many individuals face in securing their financial future.

Statistic 1

"The average American man retires at age 64, while the average American woman retires at age 62."

Statistic 2

"About 23% of Americans have less than $10,000 saved for retirement."

Statistic 3

"An estimated 48% of American families have zero retirement savings."

Statistic 4

"As of 2020, retirement savings by age in the U.S. show that individuals aged 50-55 have a median of $124,831 saved for retirement."

Statistic 5

"Approximately 61% of Americans anticipate Social Security to be a major form of income during retirement."

Statistic 6

"The median retirement savings for American households aged 56-61 is $21,000."

Statistic 7

"Around 56% of Americans lose sleep thinking about retirement savings."

Statistic 8

"Only about 32% of American workers report having a retirement savings plan."

Statistic 9

"Less than 50% of small companies offer a retirement plan."

Statistic 10

"The average 401(k) plan balance reached $109,600 in 2020."

Statistic 11

"One in four Americans doesn’t have a single dollar saved for retirement."

Statistic 12

"The average American expects to retire at age 66."

Statistic 13

"The average life expectancy in retirement is nearly 20 years."

Statistic 14

"The median 401K balance for Americans between ages 40 and 49 is $62,100."

Statistic 15

"About 22% of individuals aged 45-59 have no retirement savings."

Statistic 16

"36% of workers have less than $1,000 saved specifically for post-work years."

Statistic 17

"Only 49% of non-retired adults think they will reach their retirement savings goals."

In conclusion, the statistics on retirement savings in the United States paint a concerning picture, highlighting disparities in savings levels, gender differences in retirement age, and widespread lack of preparation for post-work years. The data show that many Americans are not adequately saving for retirement, with a significant portion having little to no savings set aside. The reliance on Social Security as a primary source of income during retirement further underscores the need for increased awareness and planning for financial security in later years. The statistics also reveal a notable lack of access to retirement plans among workers and small companies. Overall, these findings emphasize the importance of early and consistent retirement savings to ensure a comfortable and secure retirement.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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