17 things you should know about retirement


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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.

Retirement facts

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

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

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.

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

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.

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

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.

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

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.

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

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

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

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

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

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.

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

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.

Image Credit: Prostock-Studio / iStock


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