Surprising Facts About Retirement

What You Need to Know About Aging, Finances, and Future Planning

 Retirement can mean different things to different people. Some might see it as a time to travel and be with family, while others may want to start a new business or do charity work. Regardless of your plans, here are nine surprising facts about retirement.

Many think 65 is the standard retirement age, influenced by Germany, which initially set it at 70 and later lowered it to 65.

Every day, around 10,000 baby boomers are expected to turn 65 until the end of the next decade.

The number of people aged 65 and older in the U.S. is rapidly growing, from 54.1 million in 2019 to an expected 80.8 million by 2040.

The first person to get Social Security benefits was Ernest Ackerman, who received a 17¢ lump-sum payment in 1937 after working one day.

Seventy-seven percent of retirees feel confident about having enough money for a comfortable retirement.

Assisted living costs around $4,500 per month, and seven out of ten people will need extended care in their lifetime.

Sixty-four percent of retirees rely on Social Security as a major income source, with an average monthly benefit of $1,614.

There were 92,000 centenarians in 2020, and this number is expected to rise to 589,000 by 2060.

Seniors aged 65 and over spend over four hours a day, on average, watching TV.

In conclusion, these facts show that the 65-and-older age group will be more significant in the future. Have you planned for healthcare? Are you comfortable with your investments? If unsure, it might be time to create a solid strategy for the future.