17 facts about retirement that everyone should know

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From individual retirement accounts to employer-sponsored 401(k) and 403(b) plans, the average American household has seen retirement accounts grow by 5%.

Our 2021 retirement statistics guide aims to provide a well-rounded view of trends, from average retirement savings to how many Americans have retirement accounts to retirement planning. First, here are 17 essential retirement statistics.

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1. The average U.S. household had $255,200 in their retirement accounts in 2019, a 5% increase from $243,500 in 2016.

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2. The median retirement account balance in the U.S. was $65,000 in 2019, a 2% increase from $63,800 in 2016.

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3. The average 401(k) balance in the third quarter of 2020 was $109,600, a 4% increase from $105,200 in the third quarter in 2019.

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4. 51% of American households had at least one type of retirement account in 2019, a 3% decrease from 2016.

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5. 58% of people ages 45 to 54 (portion of Generation Xers) and 55% of people ages 55 to 64 (portion of baby boomers) have retirement accounts.

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6. Only 26% of Latino families have retirement accounts, versus 35% of Black families and 57% of white families.

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7. The average retirement age in the U.S. is 66 years old, though 74% of Americans said they plan to keep working after retirement.

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8. The average American feels they need to save $1.9 million for retirement.

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9. 30% of Americans with retirement accounts reported withdrawing money from them in the first 2 months of the coronavirus crisis. On average, those who withdrew funds took out $6,757.

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10. 47% of American savers have either stopped or lowered their retirement savings contributions, citing the COVID-19 crisis.

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11. 10% of Americans who lost their job or were furloughed due to the coronavirus pandemic are now expecting to retire earlier.

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12. 4-in-5 Americans lack retirement planning basics on how to be finally secure.

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13. About 35% of employers are automatically enrolling new employees into their sponsored 401(k) accounts, unless participants opt out.

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14. 71% of Americans 70-plus are worried their Social Security will run out.

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15. The average retired couple leaving the workforce in 2020 will need an estimated $295,000, post-taxes, to pay for health care expenses — not including long-term care.

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16. Retirement-age adults carry the most non-mortgage debt in 4 Texas metros: San Antonio, Houston, Austin and Dallas.

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17. The most popular retirement destinations for adults 65 and older are Phoenix; Tampa, Florida; and North Port, Florida

This article originally appeared on MagnifyMoney.com and was syndicated by MediaFeed.org.

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