GITNUXREPORT 2025

Shocking Retirement Statistics

Most Americans lack sufficient savings, delaying retirement and facing financial hardship.

Jannik Linder

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

First published: April 29, 2025

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Statistic 1

Nearly 60% of Americans are not confident they will have enough money to retire comfortably

Statistic 2

Nearly 70% of Americans are worried about running out of money in retirement

Statistic 3

Only 37% of retirees feel very confident about their financial security in retirement

Statistic 4

40% of retirees are worried about running out of money

Statistic 5

Only about 20% of workers are confident about their retirement preparedness

Statistic 6

55% of baby boomers are concerned about their retirement savings

Statistic 7

Only 31% of Americans report feeling very confident about their ability to meet future financial needs

Statistic 8

Over 70% of Americans fear they will outlive their savings, leading to increased financial anxiety

Statistic 9

50% of Americans retire earlier than planned due to health issues or financial problems

Statistic 10

Nearly 50% of retirees have experienced a decline in their quality of life due to financial stress

Statistic 11

About 15% of retirees have declared bankruptcy or faced significant debt

Statistic 12

The percentage of retirees who rely on family support has increased to over 20%

Statistic 13

45% of retirees fall below the poverty line in their later years

Statistic 14

65% of retirees report financial stress during retirement, linked to insufficient savings

Statistic 15

Roughly 35% of retirees face financial hardship within five years of retiring, due mainly to inadequate savings or unexpected expenses

Statistic 16

25% of retirees have had to go back to work after retiring

Statistic 17

The average age of retirement for Americans is 66 years old

Statistic 18

The average age at which Americans expect to retire is 65, but many work past that age

Statistic 19

The average delay in retirement due to financial issues is approximately 3 years

Statistic 20

The number of Americans working past 70 has doubled over the last decade

Statistic 21

The average retirement age varies significantly by country, with the US at around 66, while some countries retire earlier

Statistic 22

80% of Americans believe they will need to work in retirement, but only 20% actively plan to do so

Statistic 23

The percentage of Americans working past 70 years old has increased by 50% over the last decade, reflecting delays in retirement age

Statistic 24

The average annual retirement income in the US is roughly $44,000

Statistic 25

1 in 4 retirees rely solely on Social Security for their income

Statistic 26

The Social Security income replaces approximately 40% of pre-retirement income on average

Statistic 27

66% of retirees work part-time to supplement their income

Statistic 28

The average cost of healthcare in retirement is projected to be over $300,000 per person

Statistic 29

The average annual expenditure for retirees is around $50,000, with healthcare being the largest expense

Statistic 30

The average Social Security benefit is about $1,827 per month

Statistic 31

Retirement health costs are expected to rise by 20% over the next 5 years

Statistic 32

The average lifetime Social Security payout is approximately $300,000

Statistic 33

Over 50% of retirees rely solely on Social Security, with few having other sources of income

Statistic 34

The average cost of long-term care in retirement can exceed $300,000 per person, significantly impacting retirement funds

Statistic 35

The average retired household spends about 80% of their pre-retirement income, primarily due to healthcare costs

Statistic 36

The average retirement savings for Americans age 55-64 is approximately $184,000

Statistic 37

About 45% of working-aged Americans have no retirement savings at all

Statistic 38

The median retirement account balance for families approaching retirement is around $65,000

Statistic 39

Only 6% of Americans have a comprehensive retirement plan

Statistic 40

Millennials have the lowest retirement savings rates among all generations, with an average of $12,000 saved

Statistic 41

Women have nearly 30% less saved for retirement compared to men

Statistic 42

Only 15% of Americans contribute the maximum to their 401(k)

Statistic 43

80% of Americans wish they had started saving earlier

Statistic 44

The amount needed to have a comfortable retirement is estimated at about 10-12 times your annual salary

Statistic 45

The median retirement savings for households aged 55-64 is about $124,000

Statistic 46

About 30% of Americans have no retirement plan at all

Statistic 47

78% of Americans believe they will need to work longer than originally planned due to insufficient savings

Statistic 48

20% of Americans over 60 have no retirement savings

Statistic 49

The median nest egg for Americans approaching retirement is approximately $100,000

Statistic 50

Less than 10% of retirees have a financial advisor, despite the importance of professional guidance

Statistic 51

The majority of Americans retire with less than $100,000 in savings

Statistic 52

35% of retirees have not saved enough to cover basic living expenses entirely

Statistic 53

Over 1 million Americans retire each year, most with insufficient savings

Statistic 54

Only 12% of workers have a written retirement plan

Statistic 55

The median savings for Americans aged 25-34 is about $3,000, indicating delayed or minimal retirement preparedness

Statistic 56

The percentage of Americans with no retirement accounts has increased by 10% in the last decade

Statistic 57

The median retirement savings for high-income households is over $400,000, whereas for low-income families it is under $20,000

Statistic 58

The percentage of US households with no retirement savings has increased from 25% to over 40% in the past 20 years

Statistic 59

Nearly 40% of retirees have postponed retirement plans due to financial concerns

Statistic 60

Retirement savings for most Americans are well below the level needed for a comfortable retirement, with many having less than $100,000 saved

Statistic 61

Fewer than 10% of Americans have saved enough to fund a 20-year retirement, indicating widespread under-preparedness

Statistic 62

The amount of money needed to retire comfortably varies greatly depending on lifestyle, but a common benchmark is $1 million in savings

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Sources

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Key Highlights

Nearly 60% of Americans are not confident they will have enough money to retire comfortably
The average retirement savings for Americans age 55-64 is approximately $184,000
About 45% of working-aged Americans have no retirement savings at all
The median retirement account balance for families approaching retirement is around $65,000
25% of retirees have had to go back to work after retiring
The average age of retirement for Americans is 66 years old
50% of Americans retire earlier than planned due to health issues or financial problems
Only 6% of Americans have a comprehensive retirement plan
The average annual retirement income in the US is roughly $44,000
Millennials have the lowest retirement savings rates among all generations, with an average of $12,000 saved
Women have nearly 30% less saved for retirement compared to men
Only 15% of Americans contribute the maximum to their 401(k)
1 in 4 retirees rely solely on Social Security for their income

Did you know that despite nearly 60% of Americans feeling unprepared for retirement, most are retiring with less than $100,000 in savings, forcing many to work well beyond traditional retirement age and face financial hardship?

Financial Confidence and Anxiety

Nearly 60% of Americans are not confident they will have enough money to retire comfortably
Nearly 70% of Americans are worried about running out of money in retirement
Only 37% of retirees feel very confident about their financial security in retirement
40% of retirees are worried about running out of money
Only about 20% of workers are confident about their retirement preparedness
55% of baby boomers are concerned about their retirement savings
Only 31% of Americans report feeling very confident about their ability to meet future financial needs
Over 70% of Americans fear they will outlive their savings, leading to increased financial anxiety

Financial Confidence and Anxiety Interpretation

With over 70% of Americans fearing they'll outlive their savings, it's clear that the retirement planning crisis isn't just a statistical concern but a looming headline demandingaction—before retirement becomes a financial gamble for most.

Retiree Financial Hardships

50% of Americans retire earlier than planned due to health issues or financial problems
Nearly 50% of retirees have experienced a decline in their quality of life due to financial stress
About 15% of retirees have declared bankruptcy or faced significant debt
The percentage of retirees who rely on family support has increased to over 20%
45% of retirees fall below the poverty line in their later years
65% of retirees report financial stress during retirement, linked to insufficient savings
Roughly 35% of retirees face financial hardship within five years of retiring, due mainly to inadequate savings or unexpected expenses

Retiree Financial Hardships Interpretation

These sobering statistics underscore that for many Americans, retirement is less a golden era and more a financial trap, where health issues, insufficient savings, and an over-reliance on family support threaten to turn the so-called land of opportunity into a land of economic insecurity.

Retirement Age and Workforce Participation

25% of retirees have had to go back to work after retiring
The average age of retirement for Americans is 66 years old
The average age at which Americans expect to retire is 65, but many work past that age
The average delay in retirement due to financial issues is approximately 3 years
The number of Americans working past 70 has doubled over the last decade
The average retirement age varies significantly by country, with the US at around 66, while some countries retire earlier
80% of Americans believe they will need to work in retirement, but only 20% actively plan to do so
The percentage of Americans working past 70 years old has increased by 50% over the last decade, reflecting delays in retirement age

Retirement Age and Workforce Participation Interpretation

With nearly a quarter of retirees returning to work and the average retirement ages steadily edging upward, it seems Americans are redefining the traditional notion of "retirement," turning it into a proactive financial marathon rather than a leisurely sprint.

Retirement Income and Expenses

The average annual retirement income in the US is roughly $44,000
1 in 4 retirees rely solely on Social Security for their income
The Social Security income replaces approximately 40% of pre-retirement income on average
66% of retirees work part-time to supplement their income
The average cost of healthcare in retirement is projected to be over $300,000 per person
The average annual expenditure for retirees is around $50,000, with healthcare being the largest expense
The average Social Security benefit is about $1,827 per month
Retirement health costs are expected to rise by 20% over the next 5 years
The average lifetime Social Security payout is approximately $300,000
Over 50% of retirees rely solely on Social Security, with few having other sources of income
The average cost of long-term care in retirement can exceed $300,000 per person, significantly impacting retirement funds
The average retired household spends about 80% of their pre-retirement income, primarily due to healthcare costs

Retirement Income and Expenses Interpretation

With only about $44,000 a year from retirement savings and Social Security covering just 40% of pre-retirement income—while healthcare and long-term care costs threaten to absorb what remains—retirees are increasingly pushed into a part-time grind, turning the golden years into a financial balancing act that can hardly be called restful.

Retirement Savings and Preparation

The average retirement savings for Americans age 55-64 is approximately $184,000
About 45% of working-aged Americans have no retirement savings at all
The median retirement account balance for families approaching retirement is around $65,000
Only 6% of Americans have a comprehensive retirement plan
Millennials have the lowest retirement savings rates among all generations, with an average of $12,000 saved
Women have nearly 30% less saved for retirement compared to men
Only 15% of Americans contribute the maximum to their 401(k)
80% of Americans wish they had started saving earlier
The amount needed to have a comfortable retirement is estimated at about 10-12 times your annual salary
The median retirement savings for households aged 55-64 is about $124,000
About 30% of Americans have no retirement plan at all
78% of Americans believe they will need to work longer than originally planned due to insufficient savings
20% of Americans over 60 have no retirement savings
The median nest egg for Americans approaching retirement is approximately $100,000
Less than 10% of retirees have a financial advisor, despite the importance of professional guidance
The majority of Americans retire with less than $100,000 in savings
35% of retirees have not saved enough to cover basic living expenses entirely
Over 1 million Americans retire each year, most with insufficient savings
Only 12% of workers have a written retirement plan
The median savings for Americans aged 25-34 is about $3,000, indicating delayed or minimal retirement preparedness
The percentage of Americans with no retirement accounts has increased by 10% in the last decade
The median retirement savings for high-income households is over $400,000, whereas for low-income families it is under $20,000
The percentage of US households with no retirement savings has increased from 25% to over 40% in the past 20 years
Nearly 40% of retirees have postponed retirement plans due to financial concerns
Retirement savings for most Americans are well below the level needed for a comfortable retirement, with many having less than $100,000 saved
Fewer than 10% of Americans have saved enough to fund a 20-year retirement, indicating widespread under-preparedness
The amount of money needed to retire comfortably varies greatly depending on lifestyle, but a common benchmark is $1 million in savings

Retirement Savings and Preparation Interpretation

With Americans edging toward retirement with barely a nest egg—often less than $100,000—it's clear that unless they start planning and saving more than a fraction of their income, their golden years may turn into a retirement of financial twilight rather than a lifelong sunset.