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.
- 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
- 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
- The 65-and-older population is the fastest-growing age group in the United States and has grown by 34.2% over the past decade.3
- 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
- Eighty percent of retirees say they are confident about having enough money to live comfortably throughout their retirement years.5
- 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
- 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
- Centenarians – in 2020 there were 92,000 of them. By 2060, this number is expected to increase to 589,000.7
- Seniors age 65 and overspend over 4 hours a day, on average, watching TV.8
1Social Security Administration, 2021
2Genworth.com, 2021
3The United States Census Bureau, 2020
4Social Security Administration, 2021
5Employee Benefit Research Institute, 2021
6AARP.org, December 23, 2020
7Statista.com, January 10, 2021
8U.S. Bureau of Labor Statistics, 2020