Retirement Statistics

Retirement Statistics Data
Average retirement age63
Average length of retirement18 years
Average savings of a 50 year old$42,797
Total cost for a couple over 65 to pay for medical treatment over a 20 year span$218,000
Percentage of people ages 30-54 who believe they will not have enough money put away for retirement80%
Percentage of Americans over 65 who rely completely on Social Security36%
Percentage of Americans who don’t save anything for retirement38%
Number of Americans who turn 65 per day6,100
Percentage of population that is 65 years of age or older13%
Out of 100 people who starts working at the age of 25, by the age 65:
Will be considered wealthy1%
Have adequate capital stowed away for retirement4%
Will still be working3%
Are dependent on Social Security, friends, relatives or charity63%
Are dead29%
Americans older than 50 account for:
Percent of all financial assets77%
Percent of total consumer demand54%
Prescription drug purchases77%
All over-the-counter drugs61%
Auto Sales47%
All luxury travel purchases80%

Amount Needed in Savings For Retirement
Monthly income need
Savings Needed for 20 Years
Savings Needed for 30 Years
The above sums assume your portfolio will earn a 6 percent annualized return during the course of your retirement and endure 2 percent annual inflation erosion.

Retirement is the point where a person stops employment completely. A person may also semi-retire by reducing work hours. Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions no longer allow the person to work any more (by illness or accident) or as a result of legislation concerning their position. In most countries, the idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement, in 1889.

Statistic Verification
Source: U.S. Census Bureau, Saperston Companies, Bankrate
Research Date: September 8th, 2015

Questions: What percent of people are saving for retirement? What is the average amount saved for retirement ? How much money is needed for retirement? How many people rely on Social Security income alone? What percent of Americans don't save anything for retirement?