In 2022, Social Security benefits see an increase of 5.9% (the largest since 1983) thanks to the cost of living adjustment, or COLA.
25% of Americans increased their financial savings as a result of the COVID-19 pandemic.
The average retirement age in the U.S. is 66.85.
- The retirement age is lowest in Alaska and West Virginia, where people retire at 61 on average.
- The retirement age is highest in South Dakota, Massachusetts and Hawaii, where people retire at 66 on average.
According to the Transamerica Center for Retirement Studies, the median total household retirement savings across all workers is approximately $93,000.
In 2021, only 56% of workers were enrolled in a workplace retirement plan. 72% of workers had access to retirement benefits.
82% of all workers are leaning on self-funded retirement savings, whereas 1 in 3 baby boomers rely on Social Security as their primary source of income.
- Of retired U.S. adults, 57% rely on Social Security income.
55% of current workers plan to work in retirement.1
- 14% plan to rely on working in retirement as their primary source of income.1
In 2020, average annual spending by Americans ages 65 and older was $47,579.1
The states with the highest populations of people 65 and older are:
- Maine - 21%
- Florida - 21%
- West Virginia - 20%
- Vermont - 20%1
Published: November 29, 2021