Whites<\/td> 47%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nWhat Are the Factors That People Consider Before Retiring? <\/h2>\n\n\n\n 51%<\/strong> cited a desire to pursue other activities<\/strong> or spend time with family as an important factor.<\/p>\n\n\n\n47%<\/strong> mentioned retiring because they had reached a normal retirement age<\/strong>.<\/p>\n\n\n\n30%<\/strong> reported health<\/strong> as a major factor.<\/p>\n\n\n\n17%<\/strong> mentioned that they retired to care for family<\/strong> members.<\/p>\n\n\n\n10%<\/strong> reported being forced into retirement<\/strong> or lacking work availability.<\/p>\n\n\n\nRetirement Finances<\/h2>\n\n\n\n\n75% of non-retired<\/strong> adults have some form of retirement savings.<\/li>\n\n\n\nOnly 43% of non-retired<\/strong> adults expect to be financially comfortable<\/strong> in retirement.<\/li>\n\n\n\n77%<\/strong> of current retirees<\/strong> reported having enough money to live comfortably.<\/li>\n\n\n\nApprox. half of retirees say they spend less than $2k a month<\/strong>.<\/li>\n\n\n\nIndividuals between 65 and 69 years old in the top 1% income bracket saved nearly $2.7 million for retirement<\/strong>.<\/li>\n\n\n\n401(k) accounts are the most popular retirement savings vehicles among working-age Americans.<\/li>\n\n\n\n 18% of working-age individuals<\/strong> have an Individual Retirement Account (IRA).<\/li>\n\n\n\n71% of non-retired<\/strong> adults express moderate worry<\/strong> about their retirement savings, with 42%<\/strong> stating they are apprehensive<\/strong>.<\/li>\n\n\n\n47% of non-retirees<\/strong> had retirement savings outside of formal retirement accounts.<\/li>\n\n\n\n43% of Retirees with debts<\/strong> reported that their debt levels are easily manageable.<\/li>\n\n\n\nIn 2023, the median retirement income is $47,620.<\/li>\n<\/ol>\n\n\n\nHealthcare Cost for Retirees <\/h2>\n\n\n\n\nSomeone retiring at 65 this year can expect approximately $157,500 on healthcare throughout their retirement.<\/li>\n\n\n\n As of 2022, the annual average cost for healthcare treatment related to Alzheimer’s and Dementia<\/strong> in adults aged 60 and above is $48,701<\/strong>.<\/li>\n\n\n\nA retiree spends about $4,300 from their pocket<\/strong> annually on healthcare expenses.<\/li>\n\n\n\nAbout 70%<\/strong> of retired individuals have enough money to cover their expenses for 3 months<\/strong> in case of an emergency.<\/li>\n<\/ol>\n\n\n\nHow Much Do Americans Need to Retire?<\/h2>\n\n\n\n 32% of Americans<\/strong> believe they need over $1 million<\/strong> for a well-funded retirement, but 45% report that saving that much is unlikely.<\/p>\n\n\n\nHow Much Money Do Americans Need to Retire Comfortably? <\/strong><\/p>\n\n\n\nHow Much Money Do Americans Need to Retire Comfortably?<\/strong><\/th>% of Americans<\/th><\/tr><\/thead> Don\u2019t Know<\/td> 25%<\/td><\/tr> $20,000,001 or more<\/td> 3%<\/td><\/tr> $10,000,001 – $20,00,000<\/td> 1%<\/td><\/tr> $5,000,001 – $10,000,000<\/td> 3%<\/td><\/tr> $3,000,001 – $5,000,000<\/td> 5%<\/td><\/tr> $2,000,001 – $3,000,000<\/td> 7%<\/td><\/tr> $1,000,001 – $2,000,000<\/td> 13%<\/td><\/tr> $750,001 – $1,000,000<\/td> 10%<\/td><\/tr> $500,001 – $750,000<\/td> 8%<\/td><\/tr> $250,001 – $500,000<\/td> 8%<\/td><\/tr> $150,001 – $250,000<\/td> 7%<\/td><\/tr> $150,000 or less<\/td> 10%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nWhen Do People Start Saving For Retirement?<\/h2>\n\n\n\n The average age at which Americans begin saving for retirement is 31 years old. [50] [51] <\/p>\n\n\n\nAge<\/th> People started saving<\/th><\/tr><\/thead> 20s<\/td> 40%<\/td><\/tr> 30s<\/td> 1\/4th<\/td><\/tr> 40s or beyond<\/td> 1\/4th<\/td><\/tr> Before 20<\/td> 8%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nAre People Able To Save Enough to Retire?<\/h2>\n\n\n\n 52%<\/strong> of American workers say it’s likely they’ll be able to save enough<\/strong> to retire comfortably. <\/p>\n\n\n\n45%<\/strong> think it’s unlikely<\/strong> they’ll have enough, and 3% don’t know<\/strong>.<\/p>\n\n\n\nWhy Didn’t Retirees Save For Their Retirement? <\/h2>\n\n\n\n The most common reason was that their employer didn’t help them.<\/p>\n\n\n\n
60%<\/strong> of retirees state that their former employers didn’t adequately assist<\/strong> them in preparing for retirement.<\/p>\n\n\n\nEmployers didn\u2019t help enough<\/td> 60%<\/td><\/tr> Income wasn\u2019t enough<\/td> 53%<\/td><\/tr> Didn’t have access to retirement plan<\/td> 47%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nHow Many People Feel Their Retirement Savings Are on Track? <\/h2>\n\n\n\n Only 40% of non-retirees<\/strong> with a retirement account believe their savings are on track for retirement.<\/p>\n\n\n\n17% of women<\/strong> reported feeling on track to meet their financial goals, whereas this percentage is 26% in men<\/strong>.<\/p>\n\n\n\nPeople between 18-29 years of age are less likely to feel that their retirement savings are on track. <\/strong><\/p>\n\n\n\nAge Group<\/th> Any retirement savings <\/th> Retirement savings on Track<\/th><\/tr><\/thead> 18-24<\/td> 57<\/td> 24<\/td><\/tr> 30-44<\/td> 72<\/td> 32<\/td><\/tr> 45-59<\/td> 81<\/td> 34<\/td><\/tr> 60+<\/td> 88<\/td> 41<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n38% of Asian retirees<\/strong> feel that their savings are on track. <\/p>\n\n\n\nRace<\/th> Any retirement savings<\/th> Retirement savings on track<\/th><\/tr><\/thead> Asian<\/td> 84<\/td> 38<\/td><\/tr> Hispanic<\/td> 56<\/td> 20<\/td><\/tr> Black<\/td> 60<\/td> 22<\/td><\/tr> White<\/td> 80<\/td> 37<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nWhat Are The Sources of Income For Retirees? <\/h2>\n\n\n\n Social Security remains the primary source of retirement income for most retirees. <\/p>\n\n\n\n
30% of retirees depend Solely on Social Security<\/strong> Payments for living, even when it’s not enough. Also, it serves as the primary source of income for 79% of retirees.<\/p>\n\n\n\n