Portland, Maine – The average retirement age for Americans is 62, according to the Transamerica Center for Retirement Studies. This means individuals are not quite eligible for Medicare but are several decades into their working lives. The actual retirement age for older workers shows a five-year gap between expectations and reality, with many workers retired or nearing retirement at age 65 and older, making up 18% of the total population, or 62 million adults, according to the U.S. Census Bureau.
Insights from the Census Bureau shed light on the distribution of the retired population across the United States. Maine has the oldest average population, with a median age of 45.1, which is about 6 years older than the average for all Americans. Meanwhile, Utah is home to the youngest average population, with the average man aged 31.4 and the average woman aged 32.7.
Between 2000 and 2020, the population of Americans aged 65 and older increased in every state, with Maine, Florida, West Virginia, and Vermont having the largest percentage of residents in that age group. Maine has seen a growing number of retirement-aged individuals moving into the state, while Florida continues to attract retirees who were born elsewhere, especially from New York. Overall, the data suggests a significant shift in the distribution of retired individuals across the United States.
Understanding the trends and patterns of retirement is crucial for policymakers, economists, and individuals planning for their own retirement. The dynamics of migration and population distribution provide valuable insights into the changing landscape of retirement in the United States. As the population continues to age, it is essential to consider the implications for healthcare, social services, and labor force participation. Such demographic shifts can have far-reaching effects on various aspects of society, making it important to stay informed and prepared for the future.