Retirement Statistics

Retirement Statistics 2024: Average Age, Planning & Savings

Published on: November 21, 2023
Last Updated: November 21, 2023

Retirement Statistics 2024: Average Age, Planning & Savings

Published on: November 21, 2023
Last Updated: November 21, 2023

In the following paragraphs, we will share insights and crucial retirement statistics for 2024, all people saving for retirement and those soon to retire should know. 

The following statistics may benefit anyone preparing for retirement at any stage. You will also learn if you’re prioritizing what you’re doing now the right way. 

Resource Contents show

Key Statistics

  • It’s estimated that 2 in 3 workers have student loan debt that impacts their ability to save for retirement. 
  • In the United States, 13% of all non-retired people have no savings for retirement.
  • 60% of non-retired people with an IRA or 401K don’t feel confident about managing their savings funds
  • 70% of survey respondents said that non-mortgage debt adversely impacts retirement savings.
  • 71% of Americans fear that social security retirement benefits will be nonexistent by the time they retire.
  • Nearly 56% of Americans haven’t a clue about how much they need to retire
  • Out of 54% of people with a retirement strategy, only 12% have it in writing
  • About 1 of 3 workers feels uncertain about having enough money to live comfortably during retirement.
  • About 2 of 3 people don’t have over $100,000 in retirement savings.
  • The average age that full-time employees have to quit working is 62.

Retirement Statistics: Ability or Inability


1. It’s Estimated that 2 in 3 Workers Have Student Loan Debt that Impacts Their Ability to Save for Retirement.   

Retirement savings statistics indicate that two out of three workers today are struggling with student loan debt.

The repayment of student loans is becoming more difficult. As a result, some students default on their loans. 

Your credit rating isn’t the only thing that takes a hit if a person defaults on their student loans.

In retirement, when people have little or no savings for their golden years, the lasting effects are troublesome. 

A variety of repayment solutions are available nowadays that allow individuals to pay off their student loans faster than ever before. 

Furthermore, startup business credit cards can help people with not enough credit or bad credit start a business.

An independent business owner can boost their income and pay off their student loans and other debt more quickly.

2. In The United States, 13% of All Non-Retired People Have No Savings for Retirement.

According to Federal Reserve retirement saving statistics, about 1 in 7 Americans lacked any assets for retirement.

Those who cannot work will either have to rely entirely on social security or find another way of coping.

Although it’s certainly possible to rely solely on Social Security, you might also want to consider other options.

3. 60% of Non-Retired People with An IRA or 401K Don’t Feel Confident About Managing Their Savings Funds.

Managing assets in retirement accounts is a process one should learn to do as part of retirement planning.

Since a reported 60% of people are uncomfortable with managing their 401Ks or IRA accounts,  it’s best to find experts to help.

It would be wise to consult, collaborate, and plan with investment professionals to help you meet your retirement savings goals. 

Now is the time to ask questions and get answers over waiting until you’re struggling to make ends meet. 

4. Nearly 56% of Americans Haven’t a Clue About how Much They Need to Retire.

This statistic is concerning, though not unexpected since most people aren’t aware of their future financial situation for retirement.

It’s not uncommon for people to not figure retirement into their savings or financial planning.

For those in this situation, don’t feel like you’re alone. More than half of Americans are in the same boat as you.

You don’t have to suffer or worry in the coming years with all the tools and resources available to you now.

Investment apps help save a little at a time, which is better than nothing at all.

5. 70% of Survey Respondents Said that Non-Mortgage Debt Adversely Impacts Retirement Savings.

Mortgage debt can affect one’s ability to keep up with student loan payments, but non-mortgage debt impacts savings for retirement more than mortgage debt.

Therefore, getting professional financial advice and help is wise to work around these obstacles. 

Retirement Confidence Statistics

6. 71% of Americans Fear that Social Security Retirement Benefits Will Be Nonexistent by The Time They Retire.

It’s not unreasonable to feel like social security retirement funds will fade away in the coming years. The future of Social Security is uncertain.

It is better to have a viable plan of action for retirement than to rely solely on Social Security benefits.

You’ll need a backup plan backed by financial planning related to saving money now in 401Ks, and a 403b. 

Consulting with a financial planning professional is a smart move for meeting reasonable retirement goals.

People want to live comfortably in retirement, so it pays to create an effective plan.

7. About 1 of 3 Workers Feels Uncertain About Having Enough Money to Live Comfortably During Retirement.

Many people are feeling uncertain that the money for retirement will be there for them to live in comfort. 

Therefore, it seems they perceive their jobs as a vehicle for working towards retirement instead of retirement being something they look forward to.

The fact that they feel their jobs are just something they have to do to retire is enough to see that they also aren’t happy in their jobs. This statistic is sad.

While people should prioritize their level of comfort for retirement, they should also be thinking about how their job or career is making them feel now.

Retirement Strategies Statistics

8. About 2 of 3 People Don’t Have Over $100,000 in Retirement Savings.

$100,000 won’t sustain a person in retirement for more than four or five years even if they tighten their spending belt.

Saving for retirement involves knowing what is needed to live comfortably in the future and then padding that number.

The more a person can put into their retirement savings, the longer you will be comfortable in retirement.

9. Out of 54% of People with A Retirement Strategy, only 12% Have It in Writing.

It’s imperative to visualize the future when one is engaging in retirement planning. It’s even better if you get that plan written down.

Retirement planning statistics tell us that only 12% of 54% of individuals have their strategy for retirement in writing. 

It’s wise to not only create a retirement plan but to be sure to put it down on paper to make it official.

Also, including Roth IRA, traditional IRA, crypto IRA and other retirement savings accounts should be considered investments. 

The Elder Years


10. In 1940, for A 65-Year-Old Person the Average Life Expectancy Was 79, Whereas Today It’s 85 Years Old. 

It stands to reason that with a higher life expectancy comes longer retirement. 

The need to have plenty of money for retirement is imperative to ensure that no matter how long one lives, one can survive and live comfortably. 

The golden years for someone who has failed to properly plan for retirement are unimaginable and unnecessary. 

11. Statistics Show that the Average Age that Full-Time Employees Have to Quit Working Is 62.

Retirement should be something a person gets to choose for themselves in every situation, but it doesn’t usually work out that way.

For anyone who chooses to retire, it depends on their financial status. It’s believed that retiring at 62 is the smartest decision, but it requires you to have plenty of money saved up for retirement.

Employee benefits programs help boost your retirement savings to make retirement easier. However, once you are no longer working, the challenge of saving money may be an issue.

Each person has an idea of what a comfortable retirement means, so the same set of rules won’t apply to all. 

An efficient way to save and invest is to download investing apps or software to help build up assets before and maybe during retirement.

12. In 2020, the Average Life Expectancy of A Woman Was 87 Years Old. 

The statistics for the life expectancy for women was 87 years old in 2020. This statistic can change for several reasons. 

While living a longer life is not a negative thing, it does result in some unexpected challenges. 

For instance, if one hasn’t properly planned for retirement, they could experience money problems, which will affect their quality of life.

This is one reason that retirement planning with help from professionals is so important. 

What if a person lives longer than they expect? That could have a huge impact on their retirement comfort. 

13. 42 Million People Will Fall Into the Working-Class Group that Is 55 Years Old or Older, Which Is Nearly One-Fourth of The Total American Workforce.

For those who have to work after retirement, the golden years are less than golden. It just means they work longer.

For some, it’s a part-time working option that provides more funds for living.

Others feel that part-time work after retirement helps them to remain active and keeps their minds sharp. They also get to meet new people. 

After all, working after retirement is better than sitting around doing nothing, right?

Some things that arise from people working after retirement include fewer jobs for others who may want to work. 

Over the years the workforce changes, but the coming changes could have a big impact on employees that cannot adapt to the new work atmosphere. 

14. In 2050, There Will Be Approximately 88.5 Million People Over 65 Years Old Living in America.

The U.S. Census Bureau predicts that there will be about 88.5 million over 65 years old living in America.

As more people reach retirement age, it leaves fewer people to pay into Social Security.

This means that fewer working-class people will be paying for Social Security retirement for their older counterparts. Without changes, this could cause many challenges in the coming years. 

Statistically speaking, people who are soon to retire should consider investing more while they are still working, so they don’t need to rely on Social Security.


What Makes Retirement Savings so Important?

Today more than ever, having enough money for the retirement years is an essential element of life.

By ensuring that you do have enough for retirement to live comfortably, you make your golden years easier and more fulfilling.

Thankfully, there are more solutions nowadays to help you with retirement savings like software and mobile apps.

This technology helps you monitor, track, and make adjustments as needed for your savings. 

Also, consulting with a retirement planning professional is a grand idea. 
All this is essential and will come in handy, so you won’t need to rely only on Social Security.

Most people living solely on Social Security struggled to pay for food much less the perks of retirement.

Should You Hire a Professional for Retirement Planning?

The short answer is yes. Yes, you should seek help from a retirement planning expert. A financial advisor has the necessary skills, knowledge, and expertise to help with retirement planning.

These experts start with reviewing your existing financial status, and then they help you with planning according to what you have and your goals for retirement. 

They help you with making wise investment decisions to make your money work for you, so you can amass more money for your golden years. 

The main element in finding a financial advisor is trust. You need someone you can trust with your money. Also, make sure they are experienced with handling finances according to your age group. 

Overall, getting financial help from a professional will boost your chances of meeting your retirement goals and mitigate unnecessary risk.

Another benefit of enlisting the services of a financial advisor is the peace of mind you get from feeling good about ensuring your financial future.

Why Consider the Average Life Expectancy?

As the above statistics related to life expectancy show, you cannot predict the length of your life.

Therefore, it’s better to plan for a longer life than you expect than to under plan.

It helps to have a family history to fall back on when planning according to life expectancy along with the current statistics.

Healthcare and final expense planning should be done, but separately from your retirement strategy.

The process of planning for retirement is complicated, but it shouldn’t be stressful. 

Other Retirement Benefits and Considerations

Social Security Benefits

You cannot rely on Social Security to cover all of your expenses when you retire. Most people find that they fall short in the financial area and live on a limited budget. 

Medicare, long-term insurance, and some investing can help you save money in your retirement years. 

Retirement Benefits

The benefits of retirement can include travel, leisure activities, visiting relatives, and the things you always wanted to do, but you had to work. The freedom from work stress is yet another benefit. 

What you want to avoid is financial woes and stress about not having enough money to do the things you want to do by properly planning for retirement.

The quality of life you enjoy in retirement depends on how well you plan and save.

Current Age

Your retirement plan will depend on the age you are now. The savings plan will be different for someone between 20 and 25 than it is for someone between 45 and 50. 


While the average American retires at about 62 years old, that doesn’t mean you have to retire at 62. That is a personal choice.

Some people choose to change careers if they are given the option to retire from a job or find other employment.

A pension plan and savings account for retirement is important to everyone, but especially as you grow older. 

While you should choose beneficiaries to your estate sooner rather than later, it’s imperative to make the appropriate changes as you grow older. 

Withdrawals and Inflation

How much you will withdraw in retirement and how it will be impacted by inflation are predictive elements of retirement planning. It’s always wise to inflate your savings to reflect this.

A financial advisor with expertise in retirement planning is a valuable asset to have in your corner. 

Crisis Planning

Unexpected things happen to everyone, every day. You need to prepare for these unexpected occurrences with crisis planning. For instance, the COVID pandemic came out of nowhere.  

Retirement staistics show that retired survey respondents reported that the pandemic cost them more than they expected, so some lost most, if not all of their savings.

That resulted in having to take from their retirement savings. Make sure to plan for the unexpected. A good financial planner can help you do that. 


We hope your takeaway from this is that with solid retirement planning, this time in your life can be one of the best of all.

Keep the above statistics about retirement for 2024 in mind when you are starting your plans for retirement. This list will help guide you to recall things that you may not remember when you’re planning.

Discuss retirement planning with a trusted, credible, and experienced financial advisor to prevent risk and increase your chances of having the best golden years. 


EBRIFederal ReserveFederal Reserve
ForbesNorthwestern MutualSocial Security Administration
TD AmeritradeThe BalanceThe Motley Fool
Trans America Center for Retirement StudiesU.S. Bureau of Labor Statistics

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Written by Jason Wise

Hello! I’m the editor at EarthWeb, with a particular interest in business and technology topics, including social media, privacy, and cryptocurrency. As an experienced editor and researcher, I have a passion for exploring the latest trends and innovations in these fields and sharing my insights with our readers. I also enjoy testing and reviewing products, and you’ll often find my reviews and recommendations on EarthWeb. With a focus on providing informative and engaging content, I am committed to ensuring that EarthWeb remains a leading source of news and analysis in the tech industry.