As we adapt to the new year and reflect on the last, more Americans are identifying their top personal finance and retirement-related mistakes of 2023 and considering the changes to make for the year to get on the path to financial wellness.
Clever, a real estate data company, recently compiled the top 99 personal finances statistics to know in 2024. Of the almost-100 stats, we’ve assembled the leading retirement facts to acknowledge for the coming year, to help retirement advisory professionals understand the trends to look for within their clients.
The data was pulled through multiple consumer surveys by Clever, including its “State of Retirement Finances: 2023 Edition,” survey fielded in February.
Among other findings, Clever found that:
- Most Americans (53%) say they are not currently saving for retirement.
- 57% of Americans are stressed about not having enough money saved for retirement.[1]
- 62% of Americans say they are not on track to have enough saved for retirement, including nearly two in three Baby Boomers (63%).
- About 37% of non-retired Americans say they won’t be able to retire until they’re at least 75, and 23% say they won’t be able to retire until at least 80.
- Just under half of Americans (49%) say they have dipped into their retirement savings or emergency savings in 2023.
- 86% of Millennials save less than the recommended 15% of their income for retirement.
- 22% of Gen X have nothing saved for retirement, and 43% of Gen Xers regret not having saved more money.
- About one in five Gen Xers (19%) aren’t confident they’ll be able to retire before 80, and 11% believe they will never be able to retire.
- 37% of American retirees say they have nothing saved for retirement.
- The average retiree has $170,726 in savings — down from $191,659 in 2022.
- Nearly half of retirees (48%) believe they’ll outlive their retirement savings.
- 71% of retirees have non-mortgage debt, with an average balance of $19,888. Nearly one in five retirees (18%) have medical debt, with an average balance of $10,259.
- 30% of retirees rely on Social Security as their sole source of income.
- 60% of retirees say their former employers did not do enough to help them prepare for retirement.
- 44% of retirees say they struggle to afford basic living expenses.
- One in three retirees (32%) have considered rejoining the workforce in some capacity.
A full list of Clever’s 99 personal finance statistics can found here.
SEE ALSO:
- Americans Struggled With Retirement Planning in 2023
- Nearly Half of Investors Hopeful About 2024 Economy
- Making Financial Resolutions a Reality
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
