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The average global retirement age is 63.4 for women and 64.2 for men. (OECD)
Retirement is something most people strive for—however, it may seem like a moving target. Recently, more people don’t retire until later in life due to the immense preparation it takes to retire. Not to mention, many are struggling to save the necessary resources to retire comfortably.
With the lasting impacts of COVID-19 pandemic and the rising cost of living, we investigated the state of retirement in the United States and across the world. Using these retirement statistics that explore age, gender, race, Social Security, and savings, you can better understand what financial challenges you may face as you prepare for retirement.
Key takeaways:
Retirement is a worldwide phenomenon. Here are some global retirement statistics to give you a bigger picture.
Many believe that the United States is facing a retirement crisis because the rising cost of living makes it difficult for individuals to save enough money. Below are statistics about the current state of retirement in the U.S.
The amount of money necessary for retirement can vary from state to state. Here’s a look into retirement on the state level.
State | Average retirement balance |
---|---|
AK | $503,822 |
AL | $395,563 |
AR | $364,395 |
AZ | $427,418 |
CA | $452,135 |
CO | $449,719 |
CT | $545,754 |
DE | $454,679 |
FL | $428,997 |
GA | $435,254 |
HI | $366,776 |
IA | $465,127 |
ID | $437,396 |
IL | $449,983 |
IN | $405,732 |
KS | $452,703 |
KY | $441,757 |
LA | $386,908 |
MA | $478,947 |
MD | $485,501 |
ME | $403,751 |
MI | $439,568 |
MN | $470,549 |
MO | $410,656 |
MS | $347,884 |
MT | $390,768 |
NC | $464,104 |
ND | $319,609 |
NE | $404,650 |
NH | $512,781 |
NJ | $514,245 |
NM | $428,041 |
NV | $379,728 |
NY | $382,027 |
OH | $427,462 |
OK | $361,366 |
OR | $452,558 |
PA | $462,075 |
RI | $392,622 |
SC | $449,486 |
SD | $449,628 |
TN | $376,476 |
TX | $434,328 |
UT | $315,160 |
VA | $492,965 |
VT | $494,569 |
WA | $469,987 |
WI | $448,975 |
WV | $370,532 |
WY | $381,133 |
A 401(k) account is one of the main ways Americans save for retirement. Below are facts and figures about this popular retirement account.
The Social Security retirement benefit is meant to serve as a source of income for Americans after they retire. We’ve outlined relevant information about Social Security below.
Retirement can vary by demographics such as age, race, and gender as seen in the statistics below.
The ages at which people retire vary greatly. Here are some retirement age statistics.
In terms of saving for retirement, there are some significant differences between men and women.
Saving for retirement can vary by race and ethnicity as seen in the statistics listed below.
Saving money for retirement is a big undertaking. Here are some statistics that show how Americans view saving for retirement.
We’ve answered some frequently asked questions about retirement below.
According to a 2022 Vanguard Institutional study, the average amount surveyors have saved for retirement is $141,542.
It is estimated that 10 percent of retirees have a million dollars, according to SmartAsset.
Whether or not you can retire on $2 million at 65 years old depends on your lifestyle.
To determine how much money to save for retirement, many experts suggest living on 80 percent of your preretirement annual income per year.
If debt and a poor credit score are preventing you from saving for retirement, Credit.com has resources and tips to help you manage your financial life. To begin managing your credit and your debt, sign up for a free credit report card or check out ExtraCredit. Our services could help your credit and educate you about managing your finances to better prepare for retirement.
March 5, 2021
Investing
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Investing