The Transitional Retiree Market – Key Data Points

This document summarizes critical statistical and data information, highlighting key trends and opportunities related to America's aging population, their financial realities, and their evolving engagement in the workforce and entrepreneurship.

Demographics & Population Trends

• 61.2 million Americans are 65+, representing 18.0% of the total population.
• The 65+ population grew by 13.0% from 2020-2024.
• 4.1 million baby boomers turn 65 annually through 2027.
• All 73 million baby boomers will be 65+ by 2030.
• By 2050, 82 million Americans will be 65 or older, representing 23% of the total population.
• 10,000-11,200 Americans reach retirement age daily through 2027.
• 30.4 million baby boomers will turn 65 between 2024-2030.

Financial Realities & Retirement Crisis

• 20% of Americans ages 50+ have zero retirement savings.
• 61% worry about running out of savings.
• 30% of Americans ages 50+ carry credit card debt exceeding $10,000.
• 52.5% of "Peak Boomers" have less than $250,000 in retirement assets, with a median savings of $225,000.
• 39% of working-age households are projected to not maintain living standards in retirement.
• 31% of retirees spend more than they can afford (up from 17% in 2020).
• 68% of indebted retirees carry credit card balances.
• 47 million households with older adults face economic insecurity, representing 80% of this demographic.
• Baby Boomers have median savings of $194,000.
• 26% of Baby Boomers have less than $50,000 saved.

Age Discrimination & Employment Barriers

• 64% of workers 50+ believe age discrimination exists.
• 35% of employers consider certain ages "too old to hire".
• 14% of workers 50+ were denied jobs due to age.
• $3.9 trillion in projected economic losses by 2050 from age discrimination.
• 50% of job seekers 50+ are asked for birth dates.
• Older workers experience unemployment periods three times longer than younger counterparts.

Entrepreneurship & Small Business Ownership

• Americans 55+ launch 25% of all new businesses.
• Older entrepreneurs have twice the success rate of younger entrepreneurs.
• People aged 55-64 accounted for 22.8% of all new entrepreneurs in 2021, and this share has remained above 22% in the first half of the 2020s
• Those 65+ have the highest self-employment rate of any age group.
• 52.3% of US employer-businesses are owned by people 55+.
• 74% of these older business owners plan to sell or transfer ownership.
• 40% of small business owners are Baby Boomers.
• Less than one-third of Baby Boomer small business owners have exit plans.

Remote Work & Flexible Employment

• 15.6% of employed adults 55-74 worked from home in 2022 (up from 7.7% in 2019).
• 13.8% of all US workers will usually work from home in 2023 (more than double pre-pandemic levels).
• Remote work contributed to a 10% increase in employment among older workers.
• Remote work contributed to a 10% increase in employment rate among older people with disabilities.
• 16% of remote workers are aged 55-64; 10.7% of remote workers are 65+.

Purpose, Engagement & Motivational Factors

• Societal participation leads to a 4-8% uplift in perceived health among adults 55+.
• 60% of retirees believe the ideal retirement includes a combination of work and leisure.
• Older workers exhibit higher engagement levels, lower turnover, and stronger organizational citizenship.

Challenges & Market Barriers

• More than one-third of older adults experience loneliness at least weekly.
• 34% of adults 50-80 reported feeling isolated in 2023.
• Key challenges for older adult entrepreneurship include technology barriers, age discrimination (from customers/vendors), and access to financing.
• Identity crisis and loss of purpose identified as major retirement challenges.

Industry Opportunities & Future Trends

• 75% of occupations have become more age-friendly since 1990.
• Workers aged 75+ represent the only growing age segment through 2030, expanding at 6.7% annually.
• The proportion of working retirees (65-74) increased from 21.4% in 2004 to 26.9% in 2024.
• The market for flexible work, entrepreneurship support, and meaningful engagement services is significant due to 4.1 million Americans reaching retirement age annually through 2027 and inadequate savings affecting 80% of older households.