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.
