Retirement Read Time: 3 min

9 Facts About Retirement

Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you.

  1. Many consider the standard retirement age to be 65. One of the key influencers in arriving at that age was Germany, which initially set its retirement age at 70 and then lowered it to age 65.1

  2. Every day between now and the end of the next decade, another 10,000 baby boomers are expected to turn 65. That's roughly one person every eight seconds.2

  3. The 65-and-older population is one of the fastest growing demographics in the United States. In 2019, there were 54.1 million Americans aged 65 and older. That number is expected to increase to 80.8 million by 2040.3

  4. Ernest Ackerman was the first person to receive a Social Security benefit. In March 1937, the Cleveland streetcar motorman received a one-time, lump-sum payment of 17¢. Ackerman worked one day under Social Security. He earned $5 for the day and paid a nickel in payroll taxes. His lump-sum payout was equal to 3.5% of his wages.4

  5. Seventy-seven percent of retirees say they are confident about having enough money to live comfortably throughout their retirement years.5

  6. The monthly median cost of an assisted living facility is $4,500, and seven out of ten people will require extended care in their lifetime.2

  7. Sixty-four percent of retirees depend on Social Security as a major source of their income. The average monthly Social Security retirement benefit at the beginning of 2022 was $1,614.5,6

  8. Centenarians – in 2020 there were 92,000 of them. By 2060, this number is expected to increase to 589,000.7

  9. Seniors age 65 and over spend over four hours a day, on average, watching TV.8

Conclusion

Nest with egg

These stats and trends point to one conclusion: The 65-and-older age group is expected to become larger and more influential in the future. Have you made arrangements for health care? Are you comfortable with your investment decisions? If you are unsure about your decisions, maybe it's time to develop a solid strategy for the future.

1. SSA.gov, 2022
2. Genworth.com, 2022
3. ACL.gov, May 4, 2022
4. Social Security Administration, 2022
5. Employee Benefit Research Institute, 2022
6. SSA.gov, 2022
7. Statista.com, August 3, 2022
8. BLS.gov, 2022

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

A Brief History of Estate Taxes

A Brief History of Estate Taxes

Federal estate taxes have long since been a lucrative source of funding for the federal government.

Vacation Without the Guilt Trip

Vacation Without the Guilt Trip

Travel doesn’t have to be a financial headache.

Women and Financial Strategies

Women and Financial Strategies

Most women don’t shy away from the day-to-day financial decisions, but some may be leaving their future to chance.

 

Have A Question About This Topic?







Thank you! Oops!

Tax-Advantaged Retirement Planning

Reduce your tax liability in retirement.

Infographic: Risks at Retirement

Make a plan to take these risks off the table.

Buying Auto Insurance For Teen Drivers

Tips on insuring your teen driver.

View all articles

Tax Freedom Day

Assess how many days you'll work to pay your federal tax liability.

What Is My Risk Tolerance?

This questionnaire will help determine your tolerance for investment risk.

Historical Inflation

This calculator shows how inflation over the years has impacted purchasing power.

View all calculators

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

View all presentations

Investments

You’ve made investments your whole life. Work with us to help make the most of them.

The Fed and How It Got That Way

Here is a quick history of the Federal Reserve and an overview of what it does.

The Cycle of Investing

Understanding the cycle of investing may help you avoid easy pitfalls.

View all videos