Retirement:
22 Facts & Stats to Know in 2020

· Updated: April 12, 2024

Retired persons make up a huge percentage of Americans, at more than 45 million people in 2019. Products targeted towards retirement is also a massive industry, valued at over $29 trillion and made up of defined benefit plans, defined contribution plans, IRAs, and annuity reserves.1

Contents:

Number of retirees

The number of retired workers receiving Social Security benefits was 50.15 million in 2023, up from 37.89 million in 20132.

People over 65 represent 17.3 percent of the US population, and are expected to make up 22 percent of the population by 20503.

By 2028, nearly one in three people between the ages of 65 and 74 are expected to remain in the labor force, and more than 12 percent of people 75 and older will still be working, roughly tripling the rate at which the oldest Americans were working two decades ago.

FYI:

FYI: If you're planning to keep working into your later years, you're not alone. Our guide to senior jobs provides many resources for older adults who want to stay in or reenter the workforce.

Where seniors are working and retiring

Only 1.6% of retirees between the ages of 55 and 65 moved across state lines17. The top 10 states where retirees are moving18:

FYI:

FYI: Considering a move to another state after retirement? Check out the best places for adults over 55 to help you make your decision.

Happiness after retirement

Most retirees report being happy. Almost 90% of retirees say that their retirement is either “very” or “moderately” satisfying. Higher net worth and better health are associated with higher levels of happiness in retirement19.

97% of retirees with a strong sense of purpose were generally happy, compared with 76% without that sense20.

Happiness in retirement can depend on how people spend their time. Passive activities like watching television and staying at home were found to generate the lowest amount of happiness in a retirement study, while more active endeavors, like socializing, volunteering, walking, or exercising, were associated with the highest level of happiness21.

Looking for data or expertise to support your work?

Looking for data or expertise to support your work? See our open data portal, or reach out to us at open-data@seniorliving.org to connect with an expert on aging in America.

Sources:

  1. https://www.napa-net.org/news-info/daily-news/retirement-assets-top-29-trillion-while-plan-fees-continue-downward-trend
  2. https://www.statista.com/statistics/194295/number-of-us-retired-workers-who-receive-social-security/
  3. https://www.statista.com/statistics/457822/share-of-old-age-population-in-the-total-us-population/
  4. http://crr.bc.edu/wp-content/uploads/2015/10/Avg_ret_age_men.pdf
  5. https://www.pewresearch.org/fact-tank/2019/07/24/baby-boomers-us-labor-force/
  6. https://www.cnbc.com/2020/01/23/heres-how-much-americans-have-saved-for-retirement-at-different-ages.html
  7. https://www.ssa.gov/planners/retire/ageincrease.html
  8. https://www.investopedia.com/terms/r/retirement.asp
  9. https://www.businessinsider.com/personal-finance/how-much-do-i-need-to-retire
  10. https://www.cdc.gov/nchs/fastats/life-expectancy.htm
  11. https://www.forbes.com/sites/simonmoore/2018/04/24/how-long-will-your-retirement-last/#4191d42b7472
  12. https://www.investopedia.com/articles/personal-finance/011216/average-retirement-savings-age-2016.asp
  13. https://www.cnbc.com/2020/01/23/heres-how-much-americans-have-saved-for-retirement-at-different-ages.html
  14. https://www.investopedia.com/articles/retirement/110116/6-surprising-facts-about-retirement.asp#citation-2
  15. http://crr.bc.edu/wp-content/uploads/2015/10/Table-12-1.pdf
  16. https://www.cnbc.com/2020/01/17/heres-where-most-americans-are-really-getting-their-retirement-income.html
  17. https://www.investopedia.com/articles/retirement/020117/most-popular-states-retire-us.asp
  18. https://smartasset.com/financial-advisor/where-retirees-are-moving-2020#q=where%20are%20retiree
  19. https://www.pinnacleadvisory.com/articles/the-difference-between-happy-and-unhappy-retirees/
  20. https://www.inc.com/magazine/201804/kathy-kristof/happy-retirement-satisfaction-enjoy-life.html
  21. https://qz.com/work/1769469/happiness-in-retirement-can-depend-on-how-you-spend-your-time/