For most Americans, retirement marks the start of something new. It’s a chance to redefine work, time, and purpose. But it also raises practical questions about money. Are you financially ready?
Government and research data reveal what typical looks like for Americans in their early to mid-60s. The numbers don’t reflect every personal situation, but they can offer perspective and perhaps reassurance that you’re doing better than you think, or a clearer sense of what to aim for.
Retirement by numbers
Here’s a snapshot of the average American entering retirement, based on the most recent data from the Federal Reserve, Census Bureau, and Social Security Administration.
An average is the total divided by the number of people, while the median is the midpoint — half have more and half have less. A few very wealthy households can skew averages, so median numbers usually give a clearer view of what’s typical. When the spread between high and low values isn’t as wide, the average can be a good reflection of the group as a whole.
Timing and aging
- 62. Average retirement age (Social Security Administration, 2025)
- 64. Average age for first Social Security draw (SSA, 2025)
- 66–67. Average age for full Social Security benefits (SSA, 2025)
- 84/81. Average life expectancy at 65 — women/men (Centers for Disease Control and Prevention, 2023)
Money and funding
- $1,900. Average monthly Social Security benefit (Social Security Administration, 2025)
- $47,000. Median annual income for retirees (Bureau of Labor Statistics/Federal Reserve, 2023)
- $7,000. Average annual healthcare spending per person 65+ (Centers for Medicare & Medicaid Services, 2023)
- $200,000. Median household retirement savings, ages 65–74 (Federal Reserve, Survey of Consumer Finances, 2022)
- $30,000–$40,000. Median total debt at retirement (Federal Reserve, 2022 SCF)
- $300,000. Median home value (U.S. Census Bureau/Federal Reserve, 2024)
- $410,000. Median total household net worth, ages 65–74 (Federal Reserve, 2022 SCF)
- $1,794,600. Average total household net worth, ages 65–74 (Federal Reserve, 2022 SCF)
Living and working
- 79%. Homeownership rate, age 65+ (Harvard Joint Center for Housing Studies, 2023)
- 46%. Mortgage-free households, age 65+ (Harvard JCHS, 2023)
- 20%. Retirees still working part-time (Pew Research Center, 2023)
- 30%. Living alone at age 65+ (U.S. Census Bureau, 2024)
- 56%. Married adults age 65+ (U.S. Census Bureau, 2024)
Turning insight into action
Every retirement story is different. Income, net worth, and home value matter, but they don’t define financial comfort. What counts most is planning — knowing your expenses, protecting your health, and using the tools available to you.
- Build and maintain emergency savings. Even in retirement, a high-interest account can provide peace of mind and quick access to cash when needed. Currently, SoFi Checking is offering 4.50% APY with $300 bonus with direct deposit. (May change without notice.)
- Review debt and housing costs. Consider downsizing or refinancing before retirement to free up monthly cash flow.
- Maximize guaranteed income. Delaying Social Security benefits can increase your monthly payout for life.
- Stay invested wisely. Keep a mix of growth and conservative investments that balance risk with security. If you have over $100,00 in savings, AdvisorMatch's free service connects you with experienced financial professionals who have successful track records helping people just like you.
- Plan for healthcare. Budget for rising costs and explore tax-advantaged options like Health Savings Accounts if eligible.
- Keep earning options open. Part-time or work-from-home gigs can stretch savings and add purpose to retirement years. This company's members take surveys in their free time and collectively earn over $55,000 daily, with barely any effort.
Retirement isn’t the end of financial planning. It’s the start of a new kind of money management that keeps life comfortable. Regardless of your income, steady habits and informed choices can ensure your retirement is secure and rewarding, whatever the “average” numbers say.
Article sources
- Social Security Administration (2025)
- Federal Reserve, Survey of Consumer Finances (2022)
- U.S. Census Bureau (2024)
- Harvard Joint Center for Housing Studies (2023)
- Bureau of Labor Statistics (2023)
- Pew Research Center (2023)
- Centers for Medicare & Medicaid Services (2023)
- Centers for Disease Control and Prevention
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