2024 Retirement Stats You Need to Know
Dive into the latest retirement trends and data to plan your best future.
Average Retirement Age in the US
1
62 Years Old
The average retirement age has remained relatively consistent over the past decade.
2
Early Retirement
Many are choosing to retire earlier, often in their late 50s, to enjoy more time with family and pursue personal interests.
3
Delayed Retirement
Others are working longer, into their late 60s, to build up retirement savings and delay claiming Social Security benefits.
Average Retirement Savings by Age
Under 35
$23,000 average savings
Many young adults struggle to save for retirement while paying off student loans and building their careers.
35-44
$67,000 average savings
This age group is starting to prioritize retirement savings, though balancing other financial goals can be challenging.
45-54
$120,000 average savings
Pre-retirees in this age group are ramping up savings to prepare for a comfortable retirement.
Retirement Income Sources
1
Social Security
The primary source of income for most retirees, providing 33% of total retirement income on average.
2
Personal Savings
401(k)s, IRAs, and other personal savings account for 27% of retirement income.
3
Pensions
Traditional pensions provide 19% of retirement income, though they are becoming less common.
4
Part-Time Work
Earning income from part-time jobs or consulting work accounts for 8% of retirement income.
Retirement Healthcare Costs
Retirees Facing Rising Healthcare Expenses
Healthcare costs are one of the biggest financial concerns for retirees, with the average 65-year-old couple needing $300,000 to cover medical expenses in retirement.
- Increasing costs of prescription drugs and insurance premiums
- Need for long-term care, which can quickly deplete savings
- Uncertainty around future Medicare coverage and costs
Retirement Lifestyle Trends
Active Lifestyles
Retirees are embracing an active lifestyle, with 25% participating in outdoor activities and sports.
Travel and Leisure
Many retirees are dedicating more time and budget to travel, entertainment, and hobbies.
Volunteering
Volunteering has become increasingly popular, with 25% of retirees dedicating time to community service.
Continuing Education
Retirees are pursuing continued learning, with 15% enrolling in university courses or taking online classes.
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Retirement Relocation Patterns
1
Sunbelt Migration
Warm, sunny climates in the South and Southwest continue to attract large numbers of retirees.
2
Small Town Moves
Many retirees are choosing to relocate to smaller, more affordable towns and cities.
3
Staying Put
However, the majority of retirees opt to remain in their current homes and communities.
Key Takeaways
Savings Gap
Many Americans lack adequate retirement savings, underscoring the need for improved financial planning.
Rising Costs
Healthcare expenses continue to be a major concern, with retirees facing growing out-of-pocket costs.
Retirement Lifestyles
Retirees are embracing more active, adventurous, and community-oriented lifestyles.
Migration Patterns
Retirees are increasingly relocating to warmer climates and smaller towns and cities.
