Retirement and Workforce Facts: Did You Know?

May 12, 2023 | 2023, Retirement Plan Law

  • An average of 67 million Americans per month will earn Social Security benefits in 2023, averaging over one trillion dollars in benefits paid. (Reference: Social Security Administration)
  • Only 60% of workers ages 55 and older have attempted to estimate the amount of money they must save to live comfortably in retirement. (Reference: 2022 EBRI/Greenwald Research Retirement Confidence Survey)
  • The labor force participation rates among seniors are predicted to grow in the upcoming decade. For ages:
    • 65 to 74, the labor force participation rate was nearly 26% in 2021 and is predicted to become nearly 31% in 2031.
    • 75-and-older, the labor force participation rate is predicted to reach 11% in 2031, up from almost 9% in 2021. (Source: U.S. Bureau of Labor Statistics)


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