Retirement Savings Longevity Expectancy Statistics

In this post, we will explore a range of eye-opening statistics related to retirement savings and longevity expectancy in the United States. From the concerning number of Americans with meager savings for retirement to the shifting landscape of retirement age and income sources, these statistics offer valuable insights into the current state of retirement preparedness and the challenges many individuals face in securing a comfortable financial future. Let’s dive into the data and uncover the realities of retirement planning in today’s society.

Statistic 1

"1 in 3 Americans has less than $5,000 saved for retirement."

Statistic 2

"The median retirement savings for Americans in their 60s is $172,000."

Statistic 3

"The average life expectancy in the U.S. is 78.7 years."

Statistic 4

"20% of married couples and about half of single seniors rely on Social Security for 90% or more of their income."

Statistic 5

"Less than half of American families have any retirement account savings."

Statistic 6

"By 2025, 1.3 billion people will be aged 60 or over - a group typically beyond typical retirement age."

Statistic 7

"Those with a Bachelor’s degree or more have a median of $200,000 saved for retirement."

Statistic 8

"One of every four 65-year-olds today will live past the age of 90."

Statistic 9

"22% of Americans have less than $5,000 set aside for retirement."

Statistic 10

"The average retirement age in the U.S. is 62."

Statistic 11

"55% of retirees retired earlier than they expected."

Statistic 12

"Only 46% of retirees believe they've saved enough for a comfortable retirement."

Statistic 13

"The average Social Security benefit is $1,461 per month, but the average retiree spends $3,885 per month"

Statistic 14

"1 in 4 retirees return to work or 'unretire'."

Statistic 15

"Women have longer life expectancies but lower retirement savings than men."

Statistic 16

"Over a third (35%) of adults over the age of 50 have not saved anything for retirement."

Statistic 17

"The average American believes they need $1.7 million to retire."

Statistic 18

"65% of retired baby boomers rely on Social Security and pensions for at least half of their monthly income."

Statistic 19

"Today, half of the population over 60 is economically active, which means they still generate income through work."

The statistics reveal a concerning outlook on retirement savings in the United States, with a significant portion of the population having inadequate funds set aside for their later years. Many Americans are heavily reliant on Social Security as a primary income source in retirement, and a substantial number have not saved anything for retirement at all. The discrepancy between retirement savings and expected expenses underscores the need for better financial planning and saving habits to ensure a comfortable retirement. Additionally, the increasing number of older adults globally highlights the importance of addressing retirement preparedness on a broader scale to support the growing population of seniors.