9 Retirement Facts and Statistics You Should Know
Retirement can mean different things to different people. For some, it’s a time to travel and spend more time with family. For others, it’s a chance to start a new business or pursue a charitable endeavor. Whatever approach you’re planning to take, here are nine retirement facts that might surprise you.
Key Retirement Statistics and Trends
These retirement statistics cover everything from claiming age history to the rising cost of long-term care — helpful context whether you’re actively planning or just starting to think about retirement.
1. The “Standard” Retirement Age of 65 Came From Germany
Many people consider 65 the standard retirement age. One of the key influences behind that number was Germany, which originally set its retirement age at 70 before later lowering it to 65.
2. Roughly 10,000 Baby Boomers Turn 65 Every Day
Every day between now and the end of this decade, an estimated 10,000 baby boomers are expected to turn 65 — roughly one person every 8 seconds. This is one of the most cited retirement age statistics illustrating the pace of the aging U.S. population.
3. The 65-and-Older Population Is the Fastest-Growing Age Group
The 65-and-older population is the fastest-growing age group in the United States, having grown by 34.2% over the past decade, according to U.S. Census Bureau data.
4. The First Social Security Recipient Got 17 Cents
Ernest Ackerman was the first person to receive a Social Security benefit. In March 1937, the Cleveland streetcar motorman received a one-time, lump-sum payment of 17 cents. Ackerman had worked just one day under Social Security, earning $5 for the day and paying a nickel in payroll taxes — meaning his lump-sum payout equaled 3.5% of his wages. This is one of the more memorable Social Security retirement facts in the program’s history.
5. Most Retirees Feel Confident About Their Finances
Eighty percent of retirees say they’re confident about having enough money to live comfortably throughout their retirement years, according to the Employee Benefit Research Institute.
6. Long-Term Care Costs Are Significant — and Common
The median monthly cost of an assisted living facility is now over $6,200, according to the CareScout Cost of Care Survey (formerly Genworth). Roughly 7 out of 10 people will require some form of extended care during their lifetime.
7. Most Retirees Rely on Social Security as a Major Income Source
A majority of retirees depend on Social Security as a major source of their income. The average monthly Social Security benefit reached approximately $2,071 as of 2026, according to the Social Security Administration.
8. The Number of Centenarians Is Expected to Grow Dramatically
In 2020, there were an estimated 92,000 centenarians (people age 100 or older) in the U.S. By 2060, that number is projected to grow to roughly 589,000.
9. Seniors Spend Significant Time Watching TV
Adults age 65 and older spend more than 4 hours a day, on average, watching television, according to U.S. Bureau of Labor Statistics data.
What These Retirement Trends Mean for Your Planning
These retirement statistics and facts point to one clear conclusion: the 65-and-older age group is expected to become larger — and more influential — in the years ahead. As you think about your own retirement, a few questions are worth asking:
- Have you made arrangements for health care?
- Are you comfortable with your investment decisions?
If you’re unsure, it may be time to develop a solid retirement planning strategy tailored to your goals — whether you’re planning your retirement here in Southwest Florida or anywhere else.
Frequently Asked Questions
What percentage of retirees rely on Social Security?
A majority of retirees depend on Social Security as a major source of their retirement income, with the average monthly benefit reaching approximately $2,071 as of 2026.
How fast is the 65-and-older population growing?
The 65-and-older population is the fastest-growing age group in the U.S., having increased by 34.2% over the past decade. Roughly 10,000 baby boomers are turning 65 every day through the end of this decade.
How much does long-term care typically cost?
The median monthly cost of an assisted living facility is over $6,200. Since roughly 7 out of 10 people will need some form of extended care in their lifetime, factoring long-term care costs into a retirement plan is an important retirement planning fact to consider.
Where did the standard retirement age of 65 come from?
The idea of 65 as a standard retirement age traces back to Germany, which initially set its national retirement age at 70 before lowering it to 65.
Are retirees confident about their financial future?
Yes — according to the Employee Benefit Research Institute, 80% of retirees report feeling confident about having enough money to live comfortably throughout retirement.
Sources:
- Social Security Administration
- CareScout Cost of Care Survey (formerly Genworth), 2025
- U.S. Census Bureau
- Social Security Administration
- Employee Benefit Research Institute
- Social Security Administration, 2026
- U.S. Census Bureau projections
- U.S. Bureau of Labor Statistics
