Retirement Statistics, Trends, and Facts from Around the World

Full Retirement Age -The full retirement age starts at 66 for those born between 1943 and 1954.
Early Retirement Age- You can start getting Social Security benefits as early as your 62nd year.
Delayed Retirement Age- You could delay your retirement until age 70.

• The current average retirement age is 66, indicating that people are working longer
• Retirees now need an average of $315,000 over the course of their retirement to fund increasing healthcare costs.
• The majority (56%) of Americans don’t know how much money they need for retirement.

If you were born between 1946 and 1964, you belong to the baby boomers generation.

• 45% of baby boomers don’t have any retirement savings and may have to rely solely on their Social Security benefits
• 40% still have credit card debt and 51% continue to make monthly mortgage payments

Married couples generally have saved more for retirement than those who are single. Perhaps married couples are more likely to recognize the value of growing their retirement fund since retirement is generally considered a family affair

Minorities in the U.S., Black Americans and Latin Americans—have less retirement savings than white Americans.

Consider these statistics: Black seniors (18%) are about three times more likely to live in poverty than white seniors (6.8%).

One of the most pressing questions you must settle is what minimum net worth you should target for retirement. Here are some ballpark figures.