On average, a 65-year-old American can expect to live into their mid-80s, with women often living longer, around 86 years, and men around 83-84 years, meaning retirement can last over two decades for many, but this varies significantly by individual health and demographics, with many living much longer.
If you've made it to retirement, or 65 years old, you're likely to live past 77—all the way to 84 for men and 86 for women. And fifty percent of people will live longer than that. We're living longer and longer, even if many of us don't realize it.
Data from the Center for Disease Control United States Life Tables, 2022. Probabilities of survival are own calculation. As we can see from this chart, men have a 50% chance of living to age 83, and women have that same 50% chance of living to age 86.
Here are six signs that you may be ready to retire.
Adjusting to retirement varies greatly, from a few months to a couple of years or more, with many people needing 6 months to 2 years to move past the initial "honeymoon" phase and find a new routine, purpose, and identity beyond work, often experiencing a period of boredom, restlessness, or even depression before settling in. The process involves navigating disorientation from losing structure, creating new daily habits, exploring interests, and redefining self-identity, requiring patience and proactive planning.
Moynes refers to as the 3 D's: depression, divorce, and cognitive decline. This period can be incredibly challenging as retirees struggle to find a new sense of purpose and direction without the familiar structure of their careers.
Older adults need about the same amount of sleep as all adults — seven to nine hours each night. But older people tend to go to sleep earlier and get up earlier than they did when they were younger. Getting enough sleep helps you stay healthy and alert.
"These are very different people," Scherbov said. "They have different life expectancies. … They have different cognitive abilities, different physical abilities." By that definition, a typical woman in the United States is old at age 73, and a typical man at age 70, Petrow writes.
Retirement isn't about hanging up your boots. It's a gateway to new beginnings. Contrary to popular belief, slowing down doesn't mean becoming idle. It's about taking time to relish old passions, ignite new interests, make stronger connections with loved ones, and maybe even discover an unexpected sense of purpose.
Key takeaways:
The typical American has an average retirement savings of $521,522. Americans in their 60s have the most saved for retirement with average balances close to $1.2 million.
Recommended 401(k) balances often use salary multiples, like having 1x your salary by 30, 3x by 40, 6x by 50, and 10x by retirement (age 67), though averages vary significantly by age group, with younger savers having less and older savers (55-64) often holding over $250k on average, but still needing more for a comfortable retirement. Key benchmarks suggest aiming for 10-15% total savings (including employer match) and increasing contributions as you earn more, using catch-up contributions after 50.
Major Monthly Expenses in Retirement
Common reasons people end up hating retirement include lack of purpose, reduced social connection, unplanned or forced retirement, health issues, and financial stress.
The "240,000 rule" (or $1,000-a-month rule) is a retirement guideline suggesting you need $240,000 saved for every $1,000 of monthly income you want in retirement, based on a 5% annual withdrawal rate ($240,000 x 0.05 = $12,000/year or $1,000/month). It's a simple way to estimate savings needs, but it doesn't account for inflation, taxes, market volatility, or other income sources like Social Security, making it a starting point, not a complete plan.
Yes, you can live off the interest/returns from $500,000, but it depends heavily on your lifestyle and expenses, with the common 4% rule suggesting about $20,000 annually, which may require a frugal lifestyle, relocation, or significant Social Security income to supplement. With smart investing (e.g., balanced stock/bond mix) and minimal spending, it's feasible for many, but living in a high-cost area or with high expenses would make it difficult.
One in five Americans over the age of 50 have no retirement savings, according to a survey by the AARP. And even if you have something tucked away, it may not be enough — though that is something you can change even late in the game.
Empower Personal DashboardTM data shows 9.1% of people fall into the category of 401(k) millionaire as of September 30, 2025, having accumulated at least $1 million in retirement savings in employer-sponsored plans and individually controlled IRA savings and investment accounts.