20 Mind-Blowing Retirement Statistics You Must Know in 2022

We’ve researched and brought you the latest information and the most accurate retirement statistics so that you can make a better plan for your golden years.

You sure deserve a lot of peaceful years in the future, and that’s why it’s essential to have a plan — especially in these uncertain times and economy.

However, if you think everybody is saving money and preparing for the long-term, you might be surprised by the following stats.

Read on to discover more!

Top 10 Retirement Statistics

General Retirement Stats

2022 is just starting, and we still haven’t said goodbye to the terrifying pandemic, which affected people’s finances more than anyone could have expected.

As it turns out, people aren’t quite satisfied with their savings.

1. 56% of retirees rely on their small savings amid the pandemic. 

(Think Advisor, AARP, Transamerica Center for Retirement Studies)

Retirement statistics for 2021 show that 56% of retirees would choose to rely on their small savings if this pandemic did a bad turn on their finances.

The average retirement savings statistics show the lack of savings most people have and the fact that shopping online has become almost a norm.

This makes the social lives of retirees even more difficult than before.

Due to all that, in October 2020, it was announced that most Social Security beneficiaries would get a modest (1.3%) COLA (cost-of-living adjustment) in January 2021.

2. According to retirement statistics for 2020, 58% of Americans graded their savings at a C or lower

(Annuity, Money Crashers)

Moreover, about 45 million retired Americans were expected to receive more than $67.7 billion in Social Security benefits.

It’s also important to mention that the average IRA balance was $98,900 for the Q1 of 2020, and the average 401(k) balance was $91,400.

3. Retirement statistics for 2019 reveal that 56% of employed people were registered for a workplace retirement plan.

(Annuity, Money Crashers)

Stats further show that 21% had a pension plan, and 43% had a retirement savings plan.

Also, 77% of workers think that their employees aren’t contributing enough to their retirement plans.

Finally, in 2019, the average Social Security benefit was $1,461 a month (or $17,532 a year).

Age and Retirement Statistics 

Not every country has the same retirement rules for age and gender. And not everybody has the same plans — some people decide on staying in the workforce longer to save more.

4. The US, Spain, France, and the Netherlands are reconsidering their retirement age.


Raising the retirement age is a global issue.

Worldwide, as per retirement savings statistics, many people are getting tired of retirement rules changing all the time. Especially since they feel like they should have a say in their lifestyle preferences.

Some want to retire early, and others say they don’t want to stop working after 65, while some might not retire at all.

Some countries, like France, the US, Spain, and the Netherlands, are all leaning towards another age — 67. This is also the average retirement age in Norway.

5. Some statistics on retirement age show Russia in an excellent light.

(Finnish Center for Pensions)

Let’s peek into this list of a few countries and their retirement statistics by age:

  • In Russia, the retirement age is 60 years and 6 months for men and 55 years and 6 months for women
  • In the Czech Republic, the retirement age is 63 years and 8 months for men and women
  • In Estonia and Latvia, the retirement age is 63 years and 9 months for men and women
  • In Austria, the retirement age for men is 65, and for women 60
  • In Canada, the retirement age is 65 for men and women
  • In Switzerland, the retirement age is 65 for men, and 64 for women
  • In the US, the retirement age is 66 for men and women
  • In Italy, the retirement age is 67 for men and women

In the US, retirement age statistics show that West Virginia, Alabama, Kentucky, Michigan, Arkansas, Missouri, and South Carolina have the lowest retirement age — 62, on average.

On the other hand, Massachusetts, Nebraska, New Jersey, North Dakota, Connecticut, Kansas, Wyoming, New Hampshire, Utah, and Vermont have the highest retirement age — 65, on average.

6. Women’s average retirement savings are $23,000 while men’s are $76,000, statistics on retirement reveal.


What they like to spend that money on differs as well. 53% of men plan to golf in retirement, compared to 33% of women.

Chart by Visualizer

Furthermore, 64% of women plan to volunteer during their retirement, compared to 47% of men.

7. Over 55% of people plan to keep working during their retirement years. 


According to workforce retirement statistics, many Americans stay in the workforce even during their golden years since they have little savings.

Sure, some do it because they want to keep being productive, but a greater part of them simply can’t afford to retire.

8. Baby boomers’ average savings is $38,000, as baby boomer retirement facts show.


This fact adds even more worry to people who are about to retire.

The baby boomer generation has average savings of $38,000, aside from Social Security and pension benefits. However, the way they feel about their savings differs as per baby boomers retiring statistics:

Chart by Visualizer

On the other hand, millennials might have a bit more difficult time achieving a comfortable retirement, as stats show that an average millennial doesn’t have more than $5,000 in savings.

Retirement Crisis Facts

Many people hope for early retirement. Unfortunately, not many will be able to achieve that goal, as reality often indicates something else.

9. The average American’s knowledge of retirement planning isn’t very impressive.

(Yahoo Finance)

Most Americans are “retirement illiterate,” as per retirement planning statistics. In other words, they don’t really know how much they need to save for retirement.

Many people expect that Social Security will fund a big portion or all their retirement income. However, that doesn’t really happen; it covers only about 40% of your income from the time you were working.

10. Outliving your savings is possible, as retirement stats show.

(Debt, Investopedia)

Living longer than you have saved for is a real possibility. Not many people really think about it, but your retirement may last for over 13 years.

With that in mind, you must have enough for longer than you might need it, as retirement saving statistics show.

You can increase your retirement savings by improving your retirement budget contributions to at least 15%, going over your asset portfolio, and postponing Social Security retirement benefits.

11. We’re facing a crisis while still recovering from one.


Retirement crisis statistics unveil the sad fact that people are still recovering from the Great Recession.

Chart by Visualizer

According to the Transamerica survey, 20% of people have “fully recovered,” 37% have “somewhat recovered,” 14% have “not yet begun to recover,” and 8% feel they may “never recover” from it.

12. Early retirement is more a hope than a plan.


According to a survey conducted on retirement withdrawal rates in many countries, most workers expect to retire early.

However, younger people can only hope for this since they currently don’t have a clear idea of their financial position when they retire.

Many of them aren’t aware of several factors, such as possible health issues, which can force an earlier retirement and demand an increased savings rate.

US Retirement Statistics and Facts

Despite the above-listed reality, it’s not all that bad for the Americans. The simple truth is that you are more likely to have a cozy retirement if you start saving on time.

13. Top 3 states people rush to after retiring are Florida, Arizona, and South Carolina.

(Money Crashers, RBC Wealth Management)

There is more to retirement than just shopping and paying bills. For example, what about traveling?

American retirement savings statistics show that 63% of Americans above the age of 50 say they look forward to traveling after they retire. Yet, more than half of them are concerned about the cost of traveling.

Besides traveling, many retirees are considering moving; the top 3 states people rush to after retiring are Florida, Arizona, and South Carolina.

14. According to United States retirement statistics, 45.1 million people depend on Social Security for retirement.


As mentioned before, many people rely on Social Security as an income source. In 2019, the track record of retirees getting Social Security benefits was 45.1 million. 65% of these recipients aged 65+ are women.

When it comes to the amount of money people get, Washington residents gain the most from Social Security — $6,900.12, whereas people from Montana only get $3,986.33!

15. According to retirement income statistics, the median retirement income in the US is $47,357.

(Personal Capital)

According to the latest statistics, the average American retiree has an income of less than $24,224 per year.

Social Security plays a substantial role in being an income source for many US retirees as per baby boomers retirement statistics. Also, annuities can be an additional retirement income source.

16. Over 9% of millionaire households are in New Jersey, Maryland, Connecticut, Massachusetts, and Hawaii.

(Humble Dollar)

As per Phoenix Marketing International, if your household has at least $1 million in investment assets with a 4% portfolio withdrawal rate, it will give you $40,000 of income in the first retirement year.

There were 8.4 million US households that had this amount in 2019.

The average retirement income in the US reveals that that’s excluding what you will receive from Social Security and pension plans.

Moreover, an interesting retirement statistic about the US is that the major part of millionaire households (more than 9%) are in New Jersey, Maryland, Connecticut, Massachusetts, and Hawaii.

17. 75% of Americans believe the US is facing a retirement crisis.

(Money Crashers, Annuity, RIAON)

People say that they are saving for the years ahead. But what’s really behind it? The major financial worry of 64% of working-age people is that they won’t have enough money saved.

Statistics on retirement savings in America show that, in 2019, 15% of the American population hasn’t invested a single cent in their retirement savings.

Another 22% has less than $5,000 saved, and 75% believe the US faces a retirement crisis.

18. Only 48.2% of Americans have a retirement account.

(Humble Dollar)

Hard work pays off… Or does it? Americans don’t seem to have a nest egg.

Some of America’s retirement readiness statistics show that 78.4% of people between the ages of 65 and 74 own their home, which is around 7% lower than six years ago.

Moreover, 70% carry some kind of debt, and only 48.2% of them have a retirement account.

19. The average American starts saving after the age of 27.

(Ally, RIAON)

The average US citizen starts saving at the age of 27. However, experience shows that by the time they are 30, their retirement savings rate should be at least $14,115–$28,230!

What’s even more worrisome is that Americans aged 55–64 have only saved 12% of what they should have to have a secure retirement.

Keep in mind that the average couple will have healthcare costs of $295,000 in their retirement.

20. Look upon retirement savings as debt.

(The Street)

Altogether, this shows that there aren’t many fun facts about retirement, but rather many startling ones!

So, a little tip is to think of retirement savings as debt. After all, that is, in theory, money that you owe to yourself.

With that in mind, do your best not to let a month pass by without adding at least some money to your retirement account.


How much does the average person have when they retire?

Some financial experts in America recommended how much people should have saved if they want to retire by the time they are 67:

  • By age 30: 1–2 times their yearly paycheck
  • By age 40: 3–4 times their yearly paycheck
  • By age 50: 6–7 times their yearly paycheck
  • By age 60: 8–10 times their yearly paycheck

However, how much people should have does not always match how much they do have.

Data for 2019/2020 show that people aged 60–64 usually have around $221,451.67 in retirement savings, while those aged 65–69 have $206,819.35, on average.

How much should I have saved for retirement by the age of 60?

Although it’s never too early to start saving for the forthcoming years, the last ten years before you retire are essential.

By the time you are 60, retirement is just around the corner! Some experts recommend you have at least 8 times your annual income by the age of 60 if you plan to retire by the time you are 67.

How much does the average 65-year-old have saved for retirement?

Based on some experts’ opinion, the average 65-year-old is supposed to have around $1–1.5 million as net worth to retire.

Unfortunately, in reality, this is far from what most people can achieve — 6 out of 10 people have no retirement savings at all.

What percentage of the population has a 401k?

401(k) is one of the best retirement saving options. However, as of 2017, only 32% of Americans have invested in it.

This is quite surprising considering that 59% of Americans have access to some kind of 401(k) plan.

What is the average age of retirement today?

The average retirement age in the US is 61. However, 54% of workers today plan to continue working well past the age of 65. Moreover, many retirees get back to work or start pursuing another career.


When thinking about retirement, it is vital to stay informed and make a plan. It doesn’t mean you have to be an expert, but you can always find a financial advisor who can guide you through this stage.

Keep in mind these retirement statistics, and be aware of the expenses and income you will have.

We hope that deciding what you want and need for those last-but-not-least years will help you choose the best retirement plan for you.


Damjana is a writer from Bitola, North Macedonia. After teaching for 8 years, she found a new challenge — writing. With her academic background in English, doing research and writing is always fun and enjoyable for her. In her spare time, she loves binge-watching TV shows, especially crime documentaries, or spending time with her dogs.