30+ Retirement Statistics in the United States (2026)

Retirement is a major milestone that affects not only the individual but also colleagues, families, and entire organizations. In the United States, tens of millions of people are either approaching or already in retirement, and the financial, demographic, and social landscape is constantly evolving.

The following statistics offer a comprehensive overview of retirement in America in 2026.

1. Over 60 Million Americans Are Aged 65 and Older

The U.S. population aged 65 and older has surpassed 60 million, driven by the Baby Boomer generation (born 1946-1964). This represents approximately 18% of the total population, a figure that continues to grow each year.¹

Roughly 11,200 Americans turn 65 every single day, making the current decade the peak period for retirement transitions in American history.

2. The Average Retirement Age Is 63

According to Gallup surveys, the average actual retirement age in the United States is approximately 62 for women and 64 for men, with an overall average of about 63. This is notably lower than the age at which most workers expect to retire.²

Non-retired Americans expect to retire at age 66 on average, revealing a persistent gap between expectations and reality that has existed for decades.

3. 19% of Americans Aged 65+ Remain in the Labor Force

Approximately 19% of Americans aged 65 and older are employed or actively looking for work, nearly double the rate of 10% recorded in 1985. This translates to roughly 11 million older Americans in the labor force.³

Many cite intellectual stimulation, social engagement, and a sense of purpose as primary motivators for continuing to work, rather than financial necessity alone.

4. Median Retirement Savings Stand at $87,000

The median retirement account balance among all U.S. families is approximately $87,000. Among families that actually have a retirement account, the median rises to roughly $185,000. The average is significantly higher due to top earners skewing the distribution.⁴

For households headed by someone aged 60-69, the average retirement savings is approximately $426,000, while the median is roughly $170,000, highlighting the wide disparity between average and typical savers.

5. 28% of Non-Retired Adults Have No Retirement Savings

According to the Federal Reserve's Survey of Household Economics and Decisionmaking (SHED), about 28% of non-retired U.S. adults have no retirement savings or pension whatsoever.⁵

The national retirement savings gap, the collective difference between what Americans have saved and what they need, is estimated at roughly $4 trillion, underscoring the scale of the preparedness challenge.

6. Average 401(k) Balance Is $127,100

As of Q3 2024, the average 401(k) balance was approximately $127,100, while the median was $35,300. The significant gap between average and median reflects how high balances among top earners pull the average upward.⁶

Approximately 62% of 401(k) plans now feature automatic enrollment, a number boosted by the SECURE 2.0 Act of 2022, which mandates automatic enrollment for new plans established after December 2024.

7. Only 43% of Workers Feel Confident About Retirement

The Employee Benefit Research Institute's 2024 Retirement Confidence Survey found that only 43% of American workers feel "very" or "somewhat" confident they will have enough money for a comfortable retirement.⁷

Workers with a college degree are nearly twice as likely to report confidence about their retirement compared to those without a high school diploma, with 56% versus 30% reporting confidence respectively.

8. 68 Million People Receive Social Security Benefits

Approximately 68 million Americans receive Social Security benefits, including retired workers, disabled workers, and survivors. Social Security remains the foundation of retirement income for the majority of older Americans.⁸

Among elderly beneficiaries, about 37% of men and 42% of women rely on Social Security for 50% or more of their income. Roughly 12% of men and 15% of women depend on it for 90% or more of their total income.

9. Average Monthly Social Security Benefit Is $1,920

The average monthly Social Security retirement benefit is approximately $1,920 as of January 2025, which amounts to roughly $23,000 per year. The 2025 cost-of-living adjustment (COLA) was 2.5%, following a 3.2% increase in 2024.⁹

The largest COLA in recent memory was 8.7% in 2023, the highest increase in over 40 years, driven by elevated inflation during the post-pandemic period.

10. Social Security Trust Fund Projected to Be Depleted by 2033

The Social Security Old-Age and Survivors Insurance (OASI) trust fund is projected to be depleted by 2033. At that point, incoming payroll taxes would cover approximately 77% of scheduled benefits.¹⁰

This projection, from the 2024 Annual Report of the Board of Trustees, does not mean benefits would disappear entirely, but it underscores the urgency of legislative action to ensure the program's long-term sustainability.

11. 72% of Workers Have Access to Employer-Sponsored Retirement Plans

About 72% of private-industry workers have access to employer-sponsored retirement plans, but only 54% actually participate. The gap between access and participation represents a significant missed opportunity for building retirement wealth.¹¹

Automatic enrollment has proven effective at closing this gap. Plans with automatic enrollment see participation rates above 90%, compared to roughly 60% for plans requiring employees to opt in.

12. A 65-Year-Old Couple Needs $315,000-$351,000 for Healthcare in Retirement

According to Fidelity's 2024 Retiree Health Care Cost Estimate, a 65-year-old couple retiring today can expect to spend between $315,000 and $351,000 on healthcare costs throughout retirement, excluding long-term care.¹²

Healthcare costs remain one of the largest and most unpredictable expenses in retirement, making it essential for retirees to factor medical expenses into their financial planning.

13. 67 Million Americans Are Enrolled in Medicare

Approximately 67 million Americans are enrolled in Medicare (Parts A and/or B) as of 2024. Medicare serves as the primary health insurance for most Americans aged 65 and older.¹³

As the Baby Boomer generation continues to age into Medicare eligibility, enrollment is expected to grow substantially over the coming decade, putting additional pressure on the program's finances.

14. Life Expectancy at Age 65 Is 18.9 Years

A person reaching age 65 in the United States can expect to live an additional 18.9 years on average, approximately 17.4 years for men and 20.1 years for women, based on 2022-2023 life tables.¹⁴

This means the average retirement spans nearly two decades, highlighting the importance of both financial preparation and purposeful planning for this significant chapter of life.

15. 56% of Americans Turning 65 Will Need Long-Term Care

Roughly 56% of Americans turning 65 today will need some form of long-term care services during their remaining years. The average duration of care needed is approximately 2 years.¹⁵

The national median cost of a private room in a nursing home is approximately $116,000 per year ($9,700 per month), making long-term care one of the most significant financial risks in retirement.

16. 30% of Large Employers Offer Phased Retirement

About 30% of large employers offer some form of phased retirement or reduced-schedule options for employees transitioning toward retirement. These programs allow workers to gradually reduce their hours while mentoring successors.¹⁶

Approximately 26% of retirees return to some form of work, often part-time or freelance, frequently citing intellectual stimulation and social engagement as primary motivators over financial need.

17. Women Have 30-40% Lower Retirement Savings Than Men

Women have a median retirement account balance roughly 30-40% lower than men. Among Vanguard participants, women's average 401(k) balance was approximately $47,000 compared to $67,000 for men.¹⁷

The gender retirement gap is driven by differences in earnings, career interruptions for caregiving, and higher rates of part-time employment among women throughout their working years.

18. Significant Racial Gaps Exist in Retirement Plan Participation

About 67% of white workers participate in an employer retirement plan, compared to roughly 47% of Black workers and 34% of Hispanic workers. These disparities reflect broader economic inequalities in access and income.¹⁸

Approximately 13% of women aged 65 and older live in poverty or near-poverty, compared to about 9% of men. Among women 75 and older living alone, the figure rises to roughly 18-20%.

19. 23-25% of Adults Aged 65+ Volunteer Regularly

About 23-25% of adults aged 65 and older formally volunteer through organizations, contributing a median of approximately 52 hours per year. Retirees represent a vital force in community service and civic engagement.¹⁹

Beyond formal volunteering, many retirees provide informal support to family and friends, including grandchild care, which studies estimate saves American families billions of dollars annually.

20. 75% of Adults 50+ Plan Leisure Travel

AARP found that 75% of adults aged 50 and older planned leisure travel in 2024. Adults aged 65 and over take an average of 4-5 leisure trips per year and account for a disproportionate share of domestic travel spending.²⁰

Travel is consistently ranked among the top activities retirees look forward to most, making it a common theme in retirement celebrations and farewell speeches.

21. Only 6-7% of Retirees Relocate to a Different State

Despite popular images of retirees moving to Florida or Arizona, only about 6-7% actually relocate to a different state in retirement. The vast majority choose to age in place, near family and established social networks.²¹

For those who do relocate, the most popular destination states include Florida, Arizona, Texas, and the Carolinas, drawn by warmer climates, lower costs of living, and tax advantages.

22. Nursing Home Costs Average $116,000 Per Year

The national median cost of a private room in a nursing home is approximately $116,000 per year ($9,700 per month) as of 2024. Assisted living facilities average roughly $64,200 per year.²²

These costs vary significantly by state. Alaska, Connecticut, and New York rank among the most expensive, while Oklahoma, Missouri, and Louisiana tend to be more affordable.

23. The Beitragssatz Equivalent: 12.4% Goes to Social Security

American workers and their employers each pay 6.2% of wages to Social Security, for a combined rate of 12.4%. Self-employed individuals pay the full 12.4%. The taxable earnings cap for 2025 is $176,100.²³

Unlike some European systems, the U.S. relies heavily on private savings (401(k)s, IRAs) to supplement Social Security, making individual financial planning a critical component of retirement readiness.

24. Retirement Farewell Speeches Are a Cherished Workplace Tradition

In American workplaces, the retirement farewell speech is one of the most meaningful traditions marking an employee's transition. Whether delivered by a manager, colleague, or the retiree themselves, these speeches celebrate years of contribution and dedication.²⁴

A well-crafted retirement speech typically includes three elements: a warm acknowledgment of the retiree's contributions, memorable anecdotes from their career, and heartfelt wishes for the next chapter.

25. Personalization Makes Retirement Speeches More Impactful

Research on effective communication shows that personalized, story-driven speeches resonate far more deeply than generic tributes. Including specific memories and inside references creates genuine emotional connection with the audience.²⁵

The most memorable retirement speeches balance humor with sincerity, acknowledging both professional achievements and personal qualities that made the retiree a valued member of the team.

26. Most Retirement Speeches Last 5-10 Minutes

Public speaking experts recommend keeping retirement speeches between 5 and 10 minutes. This length allows enough time to share meaningful stories and express genuine appreciation without losing the audience's attention.²⁶

For the retiree giving their own farewell speech, authenticity matters more than polish. Expressing genuine gratitude and sharing what colleagues have meant personally creates lasting memories for everyone present.

27. Retirement Parties Boost Team Morale

According to the Society for Human Resource Management, properly celebrating employee milestones, including retirement, significantly boosts team morale and reinforces a positive workplace culture.²⁷

Organizations that invest in meaningful send-offs demonstrate to remaining employees that loyalty and dedication are valued, which can improve retention and engagement across the team.

28. The Transition to Retirement Is Among the Most Emotional Career Moments

The American Psychological Association notes that retirement is one of life's major transitions, comparable in emotional significance to other major life events. Even those who look forward to retirement often experience mixed feelings about leaving their professional identity behind.²⁸

Experts recommend acknowledging these emotions openly. A thoughtful farewell speech can help both the retiree and their colleagues process the transition and celebrate the journey shared together.

29. Quotes and Humor Are Popular Elements in Retirement Speeches

Incorporating a well-chosen quote or light humor is one of the most popular ways to open a retirement speech. From Mark Twain to Maya Angelou, the right words can set the tone and connect with the audience immediately.²⁹

However, humor should always be respectful and appropriate for the setting. The best retirement speeches use humor to celebrate rather than embarrass, creating a warm atmosphere that honors the retiree.

30. Retirement Gifts Often Accompany the Speech

In most American workplaces, the retirement speech is accompanied by a farewell gift. Popular choices include personalized items, experience gifts, and memory books compiled by colleagues.³⁰

The combination of a heartfelt speech and a thoughtful gift creates a send-off that the retiree will remember fondly, reinforcing the bonds built over years of working together.

Retirement in the United States is shaped by demographic shifts, evolving financial realities, and an increasing recognition that the transition to retirement deserves meaningful celebration. With nearly 19 years of life expectancy after age 65, retirement represents not an ending but a significant new beginning. Whether you are a manager, colleague, or friend, a well-prepared retirement speech honors not just the professional achievements, but the person behind them.

Sources

1. U.S. Census Bureau(census.gov)
2. Gallup(gallup.com)
3. Bureau of Labor Statistics(bls.gov)
4. Federal Reserve(federalreserve.gov)
5. Federal Reserve(federalreserve.gov)
6. Fidelity Investments(fidelity.com)
7. EBRI(ebri.org)
8. Social Security Administration(ssa.gov)
9. Social Security Administration(ssa.gov)
10. SSA Board of Trustees(ssa.gov)
11. Bureau of Labor Statistics(bls.gov)
12. Fidelity(fidelity.com)
13. CMS(cms.gov)
14. CDC/NCHS(cdc.gov)
15. Administration for Community Living(acl.gov)
16. Transamerica Center(transamericacenter.org)
17. Vanguard(vanguard.com)
18. Economic Policy Institute(epi.org)
19. Bureau of Labor Statistics(bls.gov)
20. AARP(aarp.org)
21. U.S. Census Bureau(census.gov)
22. Genworth(genworth.com)
23. Social Security Administration(ssa.gov)
24. Toastmasters International(toastmasters.org)
25. Harvard Business Review(hbr.org)
26. Toastmasters International(toastmasters.org)
27. SHRM(shrm.org)
28. American Psychological Association(apa.org)
29. Forbes(forbes.com)
30. SHRM(shrm.org)

Frequently Asked Questions

How many Americans are aged 65 and older?

The US population aged 65 and older has surpassed 60 million, driven by the Baby Boomer generation born between 1946 and 1964. That is roughly 18% of the total population and it keeps growing each year. About 11,200 Americans turn 65 every single day, making this decade the peak period for retirement transitions in US history.

What is the average retirement age in the US?

The average actual retirement age is about 63 overall, roughly 62 for women and 64 for men, according to Gallup. That is notably lower than when workers expect to retire. Non-retired Americans expect to retire at age 66 on average, revealing a persistent gap between expectation and reality.

How much have Americans saved for retirement?

The median retirement account balance among all US families is about $87,000. Among families that actually have a retirement account, the median rises to roughly $185,000. For households headed by someone aged 60 to 69, average savings are about $426,000 while the median is roughly $170,000, showing the wide gap between average and typical savers.

What is the average Social Security benefit?

The average monthly Social Security retirement benefit is about $1,920 as of January 2025, which comes to roughly $23,000 per year. The 2025 cost-of-living adjustment was 2.5%, following a 3.2% increase in 2024. About 68 million Americans receive Social Security benefits in total.