The 65+ Age Group is Becoming Larger And More Influential

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Retirement can have many meanings. For some, it will be a time to travel and spend time with family. 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 retirement age statistics 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 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 8 seconds.²
  3. The 65-and-older population is the fastest-growing age group in the U.S. and has grown by 34.2% over the past decade.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 cents. 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. Eighty 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 over $4,000, and 7 out of 10 people will require extended care in their lifetime.²
  7. Sixty-two percent of retirees are dependent upon Social Security as a major source of their income. The average monthly Social Security benefit at the beginning of 2021 was $1,543.5.⁶
  8. In 2020, there were 92,000 centenarians in the U.S. By 2060, this number is expected to increase to 589,000.⁷
  9. Seniors aged 65+ spend over four hours a day, on average, watching TV.⁸

Retirement Age Statistics Takeaways

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, perhaps it’s time to work with a trusted financial professional to develop a solid strategy for the future.

Citations

  1. Social Security Administration, 2021
  2. Genworth.com, 2021
  3. U.S. Census Bureau, 2020
  4. Social Security Administration, 2021
  5. Employee Benefit Research Institute, 2021
  6. AARP.org, December 23, 2020
  7. Statista.com, January 2021
  8. U.S. Bureau of Labor Statistics, 2020
Contact

If you have any questions or comments about your retirement or the Retirement Plan Advisors, please contact Matthew Martin, CFP, Certified Financial Planner:

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 Suite 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.

9 Facts About Retirement Age_Matt Martin

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