Retirement is a time of transition, where you’ll be moving from the workforce to life as an individual. Here are 17 facts about retirement that everyone should know.

The retirement trends 2021 is a study that has been released by the National Institute on Retirement Security. It contains 17 facts about retirement that everyone should know.

The typical American household’s retirement funds have grown by 5%, thanks to individual retirement accounts and employer-sponsored 401(k) and 403(b) plans.

Our retirement statistics guide for 2021 attempts to offer a comprehensive picture of trends, including average retirement savings, the number of Americans with retirement accounts, and retirement planning. To begin, here are 17 key retirement facts.

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1. In 2019, the typical American family has $255,200 in retirement funds, up 5% from $243,500 in 2016.

17 facts about retirement that everyone should know

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2. In 2019, the typical retirement account amount in the United States was $65,000, up 2% from $63,800 in 2016.

17 facts about retirement that everyone should know

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3. In the third quarter of 2020, the average 401(k) balance was $109,600, up 4% from $105,200 in the third quarter of 2019.

17 facts about retirement that everyone should know

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In 2019, 41% of families in the United States had at least one kind of retirement account, down 3% from 2016.

17 facts about retirement that everyone should know

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5. Retirement accounts are held by 58 percent of individuals aged 45 to 54 (Generation Xers) and 55 percent of people aged 55 to 64 (Baby Boomers).

17 facts about retirement that everyone should know

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6. Only 26% of Latino families have a retirement account, compared to 35% of African-American households and 57% of white families.

17 facts about retirement that everyone should know

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7. The average retirement age in the United States is 66 years old, yet 74% of Americans say they intend to work when they retire.

17 facts about retirement that everyone should know

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8. The typical American believes they will need $1.9 million in retirement savings.

17 facts about retirement that everyone should know

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In the first two months of the coronavirus outbreak, 9.30 percent of Americans with retirement accounts reported taking money out of them. The average amount taken out by individuals who withdrew money was $6,757.

17 facts about retirement that everyone should know

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Because of the COVID-19 issue, 10.47 percent of American investors have either discontinued or reduced their retirement savings contributions.

17 facts about retirement that everyone should know

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11. 10% of Americans who lost their jobs or were furloughed as a result of the coronavirus epidemic anticipate to retire sooner than expected.

17 facts about retirement that everyone should know

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12. Four out of five Americans are unaware of the fundamentals of retirement planning and how to be financially comfortable in retirement.

17 facts about retirement that everyone should know

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13. Unless workers opt out, around 35% of companies automatically enroll new employees in their sponsored 401(k) plans.

17 facts about retirement that everyone should know

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14. 71 percent of Americans aged 70 and above are concerned that their Social Security benefits may be depleted.

17 facts about retirement that everyone should know

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15. In 2020, the typical elderly couple exiting the workforce would need an estimated $295,000 in post-tax health-care expenditures, not counting long-term care.

17 facts about retirement that everyone should know

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16. Non-mortgage debt is the highest among retirees in four Texas metro areas: San Antonio, Houston, Austin, and Dallas.

17 facts about retirement that everyone should know

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17 facts about retirement that everyone should know

This story was syndicated by MediaFeed.org and first published on MagnifyMoney.com.

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The average retirement savings in america 2021 is a statistic that shows the average amount of money saved for retirement. It was reported by the National Institute on Retirement Security and has been updated to reflect the cost of living increases.

Frequently Asked Questions

What do I need to know about retirement?

Retirement is a process where you stop working and start receiving payments from the government.

What is the average retirement savings in 2020?

The average retirement savings in 2020 will be around $2,000.

What does the average American have saved at retirement?

The average American has saved $3,000 at retirement.

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