The average retirement age is 64 years old in the United States, as of 2022. This is one year older than the average retirement age in 2020, and three years older than the average retirement age in 2010.
Interestingly, Americans’ have caught on to this increase, as when pulled they typically expect the retirement age to be 64, up from them believing it was just under 63 in 2021. This is the highest Americans have believed the retirement age to be since 2012.
Likewise, more Americans than ever are predicting a retirement age of 65 or older.
While most Americans worry about having enough money to retire, 80% of retirees report that they have enough money to live comfortably in retirement. This is in contrast to the 53% of non-retirees who expect that their savings will suffice in retirement.
Average Retirement Age FAQ
-
What is the average monthly retirement income from Social Security?
The average monthly retirement income from Social Security is $1613.77. 50.28 million Americans receive retirement benefits via Social Security as of January 2022.
-
How much does the average retired person spend per month?
The average retired person spends $4,074 a month. This is based on the average annual expenditure of persons aged 65-74 in the United States of $48,885.
However, the average annual expenditure is higher for persons aged 55-64 and lower for persons aged 75 and older, so monthly spending can change dramatically throughout the course of retirement.
-
How much does the average American have in savings when they retire?
The average American has $221,451.67 in savings when they retire. That’s based on the average retirement savings for Americans ages 60-64 and the fact that this is the average retirement age in the US.
-
How much do I need to retire?
The average American needs an annual retirement income that’s 80% of their final pre-retirement salary. For instance, if you currently make $60,000 per year, then you will need at least $48,000 per year annually in retirement income to live comfortably.
-
When should I claim Social Security?
You should claim social security when you’re confident you’ll have a liveable annual income. While you can claim your Social Security benefits as early as 62, you will receive higher benefits if you wait until your “full retirement age” to claim. Generally speaking, the increase in the number of benefits you’ll receive upon claiming will max out at around 70 years old.
-
How can I boost my retirement savings?
The best way you can boost your retirement savings is by starting to save now. For example, someone who started saving $100 per month at 35 will only have around $150,000 by retirement age, while someone who started saving $75 a month at 25 will have over $250,000. Other ways you can improve your savings are contributing to your 401k plan, reducing spending, and setting goals.
References
-
Gallup. “U.S. Retirees’ Experience Differs From Nonretirees’ Outlook.” Accessed on March 2, 2022.
-
U.S. Bureau of Labor Statistics. “A closer look at spending patterns of older Americans.” Accessed on March 2, 2022.
-
Zippia. “Retirement Statistics.” Accessed on March 2, 2022.
Author
Matthew Zane is the lead editor of Zippia's How To Get A Job Guides. He is a teacher, writer, and world-traveler that wants to help people at every stage of the career life cycle. He completed his masters in American Literature from Trinity College Dublin and BA in English from the University of Connecticut.
