- The majority of America’s retirees are married, female, and have just a high school diploma.
- Retirees in the US have an average income of around $35,000.
- Florida, New Hampshire, and Main’s populations all have a big share of retirees.
Baby boomers are in their retirement era.
Of the generation born between 1946 and 1964, per Pew Research, less than 20% of Americans over the age of 65 were employed as of 2023. However, that’s more than double the share of retirement-age people working 35 years ago.
It’s why a retirement crisis is looming, with many potential retirees either facing financial vulnerability or having to work until they die. While the US economy saw a spike in early retirements during the pandemic, some have “unretired,” returning to work amid high costs and elevated interest rates.
So who are the Americans fortunate enough to retire? They’re likely married, stopped their education after high school, and are making up a bigger share of the population in states like Maine and Florida.
While many younger Americans might be hoping to join the FIRE movement — meaning they’ve achieved financial independence and can retire early — they’re a drop in the bucket of retirees.
Most of America’s retirees — nearly 60% — are still married. About a fifth are widowed, and a small sliver has never been married or is single.
A slim majority of retirees, around 57%, are women, compared to about 43% who are men. Women in the US tend to live longer than men, so it makes sense that they’re the majority of those still living through retirement.
But women are also more likely than men to have no personal retirement savings, according to a Census Bureau analysis. When women have savings, they are less likely to hold $100,000 or more.
That gender gap holds even among Americans who have tied the knot. Even when they’ve been married once, women are still more likely than men to hold no retirement savings.
Indeed, about 13% of retirees are in poverty. That tracks with broader nationwide trends; the USA’s official poverty rate is 11.5%, per the Census Bureau. As of 2023, the poverty threshold for a two-person household where the householder is 65 years and over was $18,418.
But that doesn’t mean they are wealthy. On average, America’s retirees have an income of around $35,393. As BI previously reported, a slim majority of Americans over the age of 65 are living on around $30,000 a year. The same goes for retirees.
Nearly a quarter have incomes under $10,000, and most retirees have incomes under $40,000. There’s a dearth of middle-income retirees, with just about 15% raking incomes of $50,000 to $100,000. But there seems to be a small wealthier concentration at the top of this group’s income spectrum, with over 5% of retirees making over $100,000 annually.
Retirees’ incomes come from various sources: Some still receive some type of wages, but many others get income from Social Security benefits.
Per Gallup, the average retirement age in the US has been rising. In 1991, it was 57; as of 2022, it was 61. Similarly, Americans’ “target” retirement age increased from 60 in 1995 to 66 in 2022.
The “full” retirement age to receive maximum Social Security benefits is 67 for those born after 1960. So, perhaps unsurprisingly, America’s retirees tend to be in their 70’s. A solid chunk — a little under a third — are in their 60’s, and just about 5% are in their 50’s. Overall, young retirees under the age of 50 make up just 2% of those who have hung up their hats.
America’s retirees aren’t necessarily college graduates: The largest share, around a third, have completed just high school. A quarter have completed some college or an associate’s degree, while just 18.5% have completed a bachelor’s. That might be chalked up to changing generational attitudes on education, although Gen Z is now pushing for a different experience.
Finally, a few states are retiree hot spots. If you’re looking for an American who’s done working, the beach, somewhere warm, or New England are all good bets.
In Florida, for instance, about 20% of the state’s population is retired. That’s also true of New Hampshire and Hawaii. And while they might be good spots to retire to, some states are eager to lure in workers to replace the retirees enjoying their respites. Maine, for instance, has tried to bring in first-time homebuyers by offering assistance to first-generation buyers or helping to forgive student-loan debt.
Are you retired? Are you unable to stop working? Contact this reporter at jkaplan@businessinsider.com.
