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 influences in arriving at that age was Germany, which initially set its retirement age at 70 then lowered it to age 65.1
2. Every day for the next 15 years, another 10,000 baby boomers will turn 65. That’s roughly one person every 8 seconds.2
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3. In 2010, people aged 65 and older accounted for 13% of the population in the U.S. By 2025, they are expected to make up 18% of the population.
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.
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5. In 2001, people aged 65 and older owned 31% of the U.S.’s financial assets. By 2040, it is estimated they will hold 44% of the country’s financial assets.
6. Adults 65 years and older consume one-third of all over-the-counter medicines sold in the U.S.
7. In 2008, nearly one-third (32%) of those 65 and older depended on Social Security for 80% or more of their income. The average monthly Social Security benefit at the beginning of 2012 was about $1,230.
8. Centenarians — those over age 100 — are the fastest-growing demographic group in the U.S. Between 2000 and 2010, this group roughly doubled in size. In 2010, nearly 85% of centenarians were women.
9. Seniors watch more television—live, on the internet, and on mobile devices—than any other age group, even teenagers. In the third quarter of 2011, the 65-and-older age group averaged over 208 hours of television per month, compared with 120 hours for kids aged 12 to 17 years.
Conclusion
These stats and trends point to one conclusion: The 65-and-older age group is expected to become larger and have more influence 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.
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Bradley Bofford currently resides in Mahwah with his wife, Lauren, and their two daughters. Bradley can be contacted at BHBofford@FinancialPrinciples.com or at 973-582-1002.
Securities offered through Securities America, Inc., member FINRA/SIPC, Bradley H. Bofford, CLU, ChFC, CFP® Registered Representative and Advisory services offered through Securities America Advisors, Inc., Bradley H. Bofford, CLU, ChFC, CFP®, Investment Advisor Representative. Financial Principles, LLC and the Securities America companies are not affiliated. Copyright 2013 FMG Suite.
