The average retirement age is 62 in the United States, as of 2021. This is one year older than the retirement age in 2020, and three years older than the retirement age in 2010.
Interestingly, the average age of Americans expected to retire is the closest it has been to retirement age in the past two decades. Americans surveyed in 2021 estimate a retirement age of 64, back from the recession.
On the other hand, more Americans than ever are predicting a retirement age of 65 or older.
While many Americans worry about having enough money for retirement, 80% of retirees say they have enough money to live comfortably in retirement. This contrasts with 53% of non-retirees who expect their savings to be sufficient in retirement.
Average Retirement Time FAQ
What is the average monthly retirement benefit from Social Security?
The average monthly retirement benefit from Social Security is $1613.77. 50.28 million Americans receive retirement benefits through Social Security as of January 2022.
How much does a retired person spend per month?
The average retiree spends $4,074 a month. This is based on the average annual income for people aged 65-74 in the United States of $48,885.
However, annual expenses are highest for people ages 55-64 and lowest for people 75 and older, so monthly expenses can change significantly throughout retirement.
How much money do most Americans have in retirement?
The average American has an average retirement income of $221,451.67. This is based on the income of retired Americans aged 60-64 and the fact that this is the peak retirement age in the US.
Gallup. “Experiences of US Retirees Differ from Views of Nonretirees.” Accessed March 2, 2022.
US Bureau of Labor Statistics. “A closer look at how it’s costing older Americans.” Accessed March 2, 2022.
Zippia. “Retirement Statistics.” Accessed March 2, 2022.