30+ Retirement Statistics About Aging & Saving

I’ve researched 30+ retirement statistics in regards to aging and saving. These stats will show you data into where retirement is heading in 2024 and beyond.

retirement statistics

Due to rising interest rates and economic uncertainty, retirement planning has become a bigger concern for many people worldwide. 

With various factors influencing 401(k) balances, retirement age, and savings, we’ll explore the latest retirement statistics to reveal insights into savings trends, demographic differences, and the challenges facing future retirees.

Top Retirement Stats

  • The global average effective retirement age is 64.3 years for men and 63.4 years for women.
  • The total value of retirement assets in the United States reached $40 billion in Q2 2024.
  • Individual Retirement Accounts (IRAs) hold the largest share of retirement assets at $14.52 trillion.
  • The average 401(k) balance in 2024 is $127,100, with account holders in their 60s having the highest average balance at $239,900.
  • Women have about 30% less in retirement savings than men, with median retirement savings of $31,291 compared to $45,106 for men.

Retirement Age Statistics

Retirement ages vary significantly worldwide, primarily due to economic conditions, cultural norms, and policy decisions. 

Currently, the global average effective retirement age is 64.3 years for men and 63.4 years for women. But this varies widely depending on the country. 

For example, the United States, Italy, and Germany have the highest retirement age (for both men and women) at 67

Meanwhile, eastern countries such as China, South Korea, and India have much lower retirement ages. Here’s the retirement age in each of the top 15 countries ranked by GDP.

CountryRetirement Age (Men)Retirement Age (Women)
United States6767
China6055
Japan6565
Germany6767
United Kingdom6666
India6060
France6464
Italy6767
Canada6565
Brazil6562
Russia6358
South Korea6262
Australia6767
Spain6666
Mexico6565

Source: World Population Review, OECD

Retirement Savings & Investments

According to the latest available data, the total value of total retirement assets in the United States is $40 billion

That represents a 1.5% increase from Q1 of 2024 and a 10.4% YoY increase from Q2 of 2023.

Of the $40 billion in retirement assets, individual retirement accounts (IRAs) represent the highest percentage (36.25%), which equals $14.5 trillion.  

Below, we look at how retirement assets in the United States have grown since 2015.

DateTotal Retirement Assets
2024 Q2$40.0 billion
2024 Q1$39.5 billion
2023 Q4$37.9 billion
2023 Q3$35.3 billion
2023 Q2$36.2 billion
2022$33.9 billion
2021$39.7 billion
2020$35.8 billion
2015$24.0 billion

As mentioned, Individual Retirement Accounts (IRAs) hold the largest share of retirement assets at $14.52 trillion.

The next closest are Defined Contribution Plans at $11.33 trillion and Government Defined Benefit (DB) Plans at $8.52 trillion.

Below, we rank the five highest retirement asset types based on the total value in Q2 of 2024.

Retirement Plan TypeTotal Assets
Individual Retirement Accounts (IRAs)$14.52 trillion
Defined Contribution Plans$11.33 trillion
Government Defined Benefit (DB) Plans$8.52 trillion
Private-Sector Defined Benefit (DB) Plans$3.17 trillion
Annuity Reserves$2.44 trillion

Source: Investment Company Institute

401(k) Plan Statistics

In 2024, 401(k) plans held $7.4 trillion in assets. In total, there are more than 710,000 401(k) plans in the United States. 

Approximately 70 million active participants and millions of former employees and retirees have 401(k) accounts.

In 2024, the average 401(k) balance is $127,100. 401(k) account holders in their 60s have the highest average balance at $239,900.

Age GroupAvg. 401(k) Balance
20s$17,700
30s$56,200
40s$124,400
50s$212,400
60s$239,900
70s$239,600

Source: Fidelity Investments, Investment Company Institute

Retirement Savings by Generation

There’s a significant disparity in retirement savings across generations. Understandably, Baby Boomers have saved substantially more than younger generations, with an average of $241,200 in their 401(k).

Generation X is not far behind, with an average balance of $178,500. Both Millennials ($59,800) and Generation Z ($11,300) have significantly lower average 401(k) balances.

Here’s a closer look at each generation’s retirement savings.

GenerationBirth YearsAverage 401(k) BalanceMedian Retirement Savings% with Retirement Savings Accounts
Baby Boomers1946-1964$241,200$200,00077%
Generation X1965-1980$178,500$115,00074%
Millennials1981-1996$59,800$45,00065%
Generation Z1997-2012$11,300N/A45%

Source: Fortune, The Motley Fool

Retirement Savings by Gender

There is a significant disparity in retirement savings between men and women. 

Women typically have less money saved for retirement than men, primarily due to lower earnings, career gaps for caregiving, and longer life expectancies.

On average, women have about 30% less savings by the time they retire than men do. 

According to recent data, the median retirement savings for women is $31,291 compared to $45,106 for men.

Only 22% of women have accumulated at least $250,000 in personal retirement savings, compared to 30% of men.

Age GroupWomen’s Median Retirement SavingsMen’s Median Retirement Savings
18-34$15,000$25,000
35-44$30,000$60,000
45-54$46,000$101,000
55-64$43,000$118,000
65+$60,000$148,000

Source: Vanguard

Retirement Age & Workforce Participation

Today, the total workforce in the United States is 168.43 million people. Of that figure, approximately 24%, or 40.42 million people, are aged 55 or older.

This highlights an aging workforce that is older than ever because of an aging Baby Boomer generation. In fact, 19% of adults 65 and older are in the workforce today. 

Take a look at the workforce participation and percentage of total workforce by age in more detail below.

Age GroupLabor Force Participation Rate% of Total Workforce
16-1936.60%4.20%
20-2471.60%8.70%
25-5482.90%63.90%
55-6465.50%16.80%
65+19.00%6.40%

The number of older employees will only continue to grow worldwide. Projections indicate that by 2031, employees 55 and older will account for 25% of the global workforce.

Japan is expected to lead the way, with 38% of its total workforce aged 55 and older. The next highest percentage is Italy at 32%

Below, we look at the growth of older workers in Group of Seven countries. This table includes the percentage of employees 55 and older in the workforce.

Country201120212031 (Projected)
Canada17.00%22.90%26.80%
France13.20%18.10%25.80%
Germany20.20%26.20%31.90%
Italy15.10%21.40%28.40%
Japan26.70%32.80%38.30%
United Kingdom17.40%22.40%26.90%
United States19.20%23.70%25.20%

Source: Pew Research, U.S. Bureau of Labor Statistics, Bain & Company

Conclusion

If there’s one way to sum up the workforce and retirement today, it’s that it is getting older.

People are working until they are older than ever before and delaying retirement. That’s shown in the growing workforce participation rates among all ages, especially those 55+.

The primary driver is the shift to defined contribution plans rather than pension plans.

Traditional pensions incentivized workers to retire at certain ages, while plans like 401(k)s encourage employees to work longer. 

Over the next decade, it will be interesting to see how the global workforce and retirement look with the current outlook.

Related reading: