Transamerica Survey Highlights Positive Parts of Retirement and Challenges

Transamerica Survey Highlights Positive Parts of Retirement and Challenges

A new study — titled “Retiree Life in the Post-Pandemic Economy” — examines the health and well-being, personal finances, and retirement security of U.S. residents who are retired and no longer working.

By the numbers: Most retirees are happy (89 percent), have close relationships with family and friends (88 percent), are enjoying life (86 percent), have a positive view of aging (79 percent), have a strong sense of purpose (79 percent), and have an active social life (53 percent).

  • Retirees have an annual household income of $55,000 (estimated median) as of late 2023. More than one-third of retirees (36 percent) had an income of less than $50,000. Retirees’ household savings excluding home equity were $71,000 (estimated median) in 2023.
  • Most retirees (62 percent) are staying in the home where they lived before retiring, while 38 percent have moved to a new home.
  • Among those who have moved, the top five reasons include moving closer to family and friends (36 percent), downsizing into a smaller home (33 percent), reducing expenses (26 percent), starting a new chapter in life (24 percent), and moving to a better climate (20 percent).
  • Ninety-one percent of retirees expect Social Security to be their primary source of income, followed by personal savings (61 percent) and investments (47 percent) and 401(k)/403(b)/IRAs
    (41 percent).
  • A smaller percentage of retirees cite home equity (12 percent), inheritance (8 percent), and working (4 percent) as sources of retirement income.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.