Americans start managing their retirement finances early in life, thanks to many financial instruments and products for those who want save money for their late years. As the graph shows, retirement savings increase with age. The age group boasting the highest average value of retirement savings are individuals between 65 and 69, with over ******* thousand. As many people start retiring, retirement savings start decreasing for individuals over 70 years of age.

According to the results of a survey conducted in the United States 2021, turning a certain age was the main trigger for starting to save for retirement. The survey, conducted among 1,000 working and fully retired Americans, revealed that many respondents started saving for retirement for work-related reasons.

In 2024, 50 percent of U.S. citizens who were 60 years old or older had some type of retirement savings. This information can be interpreted by the number of people in that age group without any retirement savings, which amounted to 50 percent. The share of individuals with retirement savings was lower in the younger age groups, and among adults from 18 to 29 years old, just ** had retirement savings.

Roughly 28 percent of Americans had household retirement savings reaching 250,000 U.S. dollars or more by the end of 2023. Meanwhile, eight percent of respondents stated to not have any household retirement savings at all. The share of people with retirement savings ranging from 100,000 to 250,000 U.S. dollars has decreased between 2020 and 2023.

The statistical business entity allocates the retirement savings contribution rate for laborers and the balance of special accounts.

PRSA06 - Personal Retirement Savings Accounts. Published by Central Statistics Office. Available under the license Creative Commons Attribution 4.0 (CC-BY-4.0).Personal Retirement Savings Accounts...

In 2023, the main challenge facing Americans trying to save for retirement was being able to make meaningful investments. According to a survey carried out in October 2023, roughly 77 percent of individuals who did not have access to a retirement plan from their employer felt they did not have enough cash to contribute to their retirement savings, while 78 percent of women and non-binary individuals surveyed felt they were unsure about what investments best suited their individual goals.

We study how couples allocate retirement-saving contributions across each spouse's account. In a new dataset covering over a million U.S. individuals, we find retirement contributions are not allocated to the account with the highest employer match rate. This lack of coordination—which goes against the assumptions of most models of household decision-making—is common, costly, persistent over time, and cannot be explained by inertia, auto-enrollment, or simple heuristics. Complementing the administrative evidence with an online survey, we find that inefficient allocations reflect both financial mistakes as well as deliberate choices—especially when trust and commitment inside the households are weak.

In 2023, less than 12 percent of the participants in a survey were on track to max out their retirement contributions. While many pension plans worldwide have no contribution limit, in the U.S., the IRS (Internal Revenue Service) sets a maximum limit on contributions made to 401(k) plans by an individual and their employer every year.

Despite concern about the viability of public retirement programs and potential undersaving for retirement, we still know little about the impact of government provided information on individual behavior. We exploit plausibly exogenous variation in exposure to the world's largest personalized retirement benefits statement from the US Social Security Administration to evaluate the effects of information and encouragement on individual retirement savings decisions. Using three natural experiments between 2011 and 2014 and administrative data, we find no impact of the statements on individual retirement savings in their employer provided retirement accounts.

CSI: Savings: Adequate Retirement Income Probability: 1-24% data was reported at 24.000 % in Aug 2018. This stayed constant from the previous number of 24.000 % for Jul 2018. CSI: Savings: Adequate Retirement Income Probability: 1-24% data is updated monthly, averaging 27.000 % from Dec 1997 (Median) to Aug 2018, with 249 observations. The data reached an all-time high of 33.000 % in Oct 2004 and a record low of 21.000 % in Jun 2017. CSI: Savings: Adequate Retirement Income Probability: 1-24% data remains active status in CEIC and is reported by University of Michigan. The data is categorized under Global Database’s USA – Table US.H029: Consumer Sentiment Index: Savings & Retirement. The question was: What do you think the chances are that when you retire, your income from Social Security and job pensions will be adequate to maintain your living standards?

This project contains the replication package for the paper "Medican Expenses and Saving in Retirement: The Case of U.S. and Sweden," which is accepted for publication at American Economic Journal: Macroeconomics.

United States CSI: Savings: Adequate Retirement Income Probability: Mean data was reported at 34.500 % in May 2018. This records a decrease from the previous number of 36.800 % for Apr 2018. United States CSI: Savings: Adequate Retirement Income Probability: Mean data is updated monthly, averaging 34.800 % from Dec 1997 (Median) to May 2018, with 246 observations. The data reached an all-time high of 39.400 % in Oct 2001 and a record low of 29.900 % in Oct 1999. United States CSI: Savings: Adequate Retirement Income Probability: Mean data remains active status in CEIC and is reported by University of Michigan. The data is categorized under Global Database’s USA – Table US.H026: Consumer Sentiment Index: Savings & Retirement. The question was: What do you think the chances are that when you retire, your income from Social Security and job pensions will be adequate to maintain your living standards?

United States CSI: Savings: Adequate Retirement Income Probability: 50% data was reported at 11.000 % in May 2018. This records an increase from the previous number of 10.000 % for Apr 2018. United States CSI: Savings: Adequate Retirement Income Probability: 50% data is updated monthly, averaging 15.000 % from Dec 1997 (Median) to May 2018, with 246 observations. The data reached an all-time high of 21.000 % in Jan 2004 and a record low of 10.000 % in Apr 2018. United States CSI: Savings: Adequate Retirement Income Probability: 50% data remains active status in CEIC and is reported by University of Michigan. The data is categorized under Global Database’s USA – Table US.H026: Consumer Sentiment Index: Savings & Retirement. The question was: What do you think the chances are that when you retire, your income from Social Security and job pensions will be adequate to maintain your living standards?

PRSA01 - Personal Retirement Savings Accounts. Published by Central Statistics Office. Available under the license Creative Commons Attribution 4.0 (CC-BY-4.0).Personal Retirement Savings Accounts...

Value of pension pots already accrued that are not state basic retirement or state earning-related: occupational pensions, personal pensions, retained rights in previous pensions and pensions in payment. Also attitudinal data on individuals’ attitudes towards saving for retirement.

Individuals with a Registered Retirement Savings Plan (RRSP); Tax filers with RRSP contributions by sex, age and income groups (preliminary T1 Family File; T1FF).

Graph and download economic data for Individual Income Tax Filing: Tax Credits: Retirement Savings Contributions Credit (RTSCBCT) from 2002 to 2016 about retirement, individual, return, contributions, savings, credits, tax, income, and USA.

PRSA02 - Personal Retirement Savings Accounts. Published by Central Statistics Office. Available under the license Creative Commons Attribution 4.0 (CC-BY-4.0).Personal Retirement Savings Accounts...