Key Figures Shaping Retirement in 2026

America is aging rapidly: by 2030 one in five Americans will be 65 or older, and by 2034 older adults are expected to outnumber children. The oldest baby boomers turn 80 in 2026. The average age men stop working is about 64, and for women it has risen to 62.6. The average Social Security claiming age has also risen roughly two years since the mid-1990s.

About 40 percent of Social Security recipients continue to work after claiming benefits. Retirement assets reached $45.8 trillion at mid-2025, nearly double a decade earlier. Much of the growth has been in 401(k)s and IRAs, and IRAs have held more assets than workplace plans for five straight years as boomers roll over balances into individual accounts.

Participation and savings in 401(k) plans have strengthened: 85 percent of workers with access participate, average participant savings hit 7.7 percent of wages in 2024, and combined participant and employer contributions averaged about 12 percent. Yet only half of private-sector workers have workplace retirement coverage at any given time, helping keep median account balances low—for workers 55 to 64 the median was $185,000 in 2022—and leaving wide racial and ethnic gaps in savings.

Contribution limits for 2026 rose: the 401(k) cap is $24,500 with an $8,000 catch-up for those 50 and older and a larger $11,250 super-catch-up for people 60 to 63. Catch-up contributions for higher earners must be Roth within a 401(k). The IRA limit is $7,500 with a $1,100 catch-up.

Key Topics

Business, Ira, Social Security, Medicare, Aca Subsidies, Long-term Care