We’ve gathered a few important statistics on retirement savings and income to give you a better understanding of the current situation in our country.

• One of the more concerning retirement facts, as per a recent survey by Bankrate, is that over half of Americans are contributing the same amount or less to their retirement funds compared to the previous year. Only 54.4% of American families had retirement savings accounts, meaning nearly half were without one. About 42% of full-time workers do not have access to employer-provided retirement plans. 28% of Americans have nothing saved for retirement. Overall, 58% of workers say their savings are behind where they should be. Only 24% of U.S. workers feel very confident in their ability to retire comfortably.
• According to Forbes’ latest retirement statistics by age, the average retirement age has increased over the years. Currently, it is 65 for men, whereas it’s slightly lower for women at 63.  59% of workers plan to work part-time in retirement, often due to a mix of financial necessity and a desire for purpose. The retirement age is lowest in Alaska and West Virginia, where people retire at 61 years old on average. The retirement age is highest in South Dakota, Massachusetts and Hawaii, where people retire at 66 years old on average.
• CNBC states while the average retirement age has risen over the years, the COVID-19 pandemic dealt a considerable blow to both the economy and to people’s morale.  The latest US retirement statistics show that as many as 36% of Americans feel that they’ll never be able to retire and will instead have to work their entire lives. 
• According to the US Census Bureau there was a big income gap between those who are 65 to 74 years of age and those 75 or older - $84,153 and $58,684, respectively. Furthermore, the median retirement income for the 65-74 age bracket is $56,632, whereas it’s only $37,335 for those 75 or older.  
• The Social Security website indicates its goal is to replace about 40% of your annual pre-retirement earnings and is not meant to be your only source of income in retirement yet close to 60% of Americans think Social Security will be their primary source of income once they retire. Social Security provides an average monthly benefit of $1,976 as of January 2025 and is the primary source of income for many retirees.

If even thinking about retirement planning makes you nervous or puts you to sleep, you are not alone. Retirement planning is a broad term that refers to learning about and choosing financial strategies that will enable you to be comfortable and secure in your retirement years. It isn't just asset allocation but product allocation and constant monitoring and managing to ensure a long and prosperous retirement. A good retirement plan, executed smartly, could provide you with enough money to address your later-year living expenses.