", Centers for Disease Control and Prevention. In fact, some of these may be the weirdest, funniest, jaw-dropping factoids of all time. NewRetirement strives to keep its information and tools accurate and up But, its not all for financial reasons. See: 8 Places in California Where Home Prices Have For many American workers, Social Security benefits are the golden carrot awaiting them at the end of a long career. True story: A lifetime Cleveland Browns fan and season ticket holder requested in his obituary for "six Cleveland Browns pallbearers" at his funeral. You might take a class or join a gym as opposed to taking a nap or watching TV. It also varies considerably with your pension portfolio. A full 65% say that financial concerns are greater in retirement than before. All rights reserved. The sad state of America's retirement preparation. For those 35 to 44 years old, it's $37,000. Business ownership is at 17.3% for both the 45 to 54 age group and the 55 to 64 age group, the highest of any age group, according to the Survey of Consumer Finance. According to Putnam Investments, if you invested $10,000 in the S&P from the end of 2003 to the end of 2018, you'd have $30,711. That's an annualized total return of 7.77%. [2] In retirement, only 9% are defined by what their career once was and a full 91% say that what they do for leisure is most important to identity. Based on a recent survey from Morning Consult, almost one quarter started saving in their 30s, while another 25% began putting money away in their 40s or later. Be nice to your kids. However, one in four Americans says that their standard of living has decreased in retirement. His governing style: "Being nice and no poopy talk." Then consider your investments. Its an app that people can use just like a regular wallet to store their card details and information. In 2012, a man wore 60 shirts and nine pairs of jeans on an 11-and-a-half hour flight from China to Africa because he didn't want to pay the extra baggage fee. Not all of them might seem appropriate for your loved one but you will certainly find the one that will make them laugh non stop. She's in her 80s, and she's employed as the village's mayor, librarian, and bartender. ", U.S. Department of Health and Human Services. Add your one liner to our site and see how good it is. All 99 characters of his new name are on his passport. Don't miss out -- receive our FREE weekly Must Read articles on building a secure retirement the minute they're published! That's not just true for rich tech icons. Fidelity Q3 2022 Retirement Analysis: Despite Continued Volatility, Retirement Fundamentals Remain Sound., Urban Institute. After years of working, it is time to either relax or move on to new adventures. These include white papers, government data, original reporting, and interviews with industry experts. For retirement planning, you should consider other A man actually changed his name because he lost a bet. Older people relax more, said Brian Saranovitz, co-founder of Your Retirement Advisor and investment advisor representative with Cetera Advisors. In 2018, I think we can all agree that the world could use more Robert Tufts in higher office. Given its reputation, its no surprise that Florida has the largest percentage of its population as senior citizens at 17.3%, according to the most recent 2010 census. Here are 20 eye-opening facts related to retirement. 2023 Social Security Changes, Page 2. The second-most frequently selected very important factor was close proximity to family and friends. Make a plan for a worst case economic scenario. According to Eighme, "A recent study shows one in three Americans has nothing saved for retirement. Dont let the financial doom and gloom hold you back. Studies have shown that learning something new every day can improve your brain health and make you happier. These offers do not represent all deposit accounts available. Studies have proven that laughter is the best medicine. The Transamerica Center for Retirement Studies reports only 7% of baby boomers said that access to continuing education opportunities was a very important factor in deciding where to live. 2023 GOBankingRates. It wasn't until the 18th century that more women wore high heels than men. minimum of $5 million is required to retire early, average retiree spends $4,300 out-of-pocket, 65 may be the best age to start collecting Social Security, average Social Security retirement benefit payment is $1,503 per month, half of retirees, Social Security represents 50 percent or more of their annual income, 76 percent want to remain in their current residence, 70 percent of future retirees expect to work for income past retirement, half of retirees die with less than $10,000. He screamed and shouted about the iceberg and how the ship was going to sink, but all they did was throw him out of the theater. Browse through these numbers and facts to see how the personal finances of retirees fare. Can you afford to stay put? If they want another lobster to know that they're happy or sad or angry or interested in a relationship, they say it with pee! Chi Chi Rodriguez When a man retires and time is no longer a matter of urgent importance, his colleagues generally present him with a watch. xhr.open('POST', 'https://www.google-analytics.com/collect', true); These facts may not affect your Self Directed IRA strategy, but they're definitely good for distracting your cousin Len at the next family barbecue. If youre not sitting on a sizable nest egg, thats a good reason to start thinking about long-term care (LTC) insurance in your late 50s or early 60s. Diversification is a lifelong investing guidelinestay diversified in retirement too, says Craig Israelsen, Ph.D., designer of the 7Twelve Portfolio, of Springville, Utah. During the Cuban Missile Crisis, the world came even closer to annihilation than previously thought. A butterfly has about 12,000 eyes. Learn when happiness peaks. An individual retirement account (IRA) is a long-term savings plan with tax advantages that taxpayers can use to plan for retirement. There's a basketball court on the top floor of the U.S. Supreme Court Building. When Can I Retire?, and Whats My Retirement Income? Retirement could last a long time. Car ownership peaks at 89.1% for people ages 45 to 54, declines a bit to 86.1% for people ages 55 to 64, but then inched back up to 86.8% for people ages 65 to 74 before falling to 82.2% for people ages 75 and older. With decades of time for interest to compound, you will have to invest less upfront and have more time to ride out market volatility. Fact: Education is Key to Financial Success. The NewRetirement retirement calculator is an easy to use but very detailed and sophisticated tool. Keep reading to find out the interesting and lesser-known retirement facts that will help you prepare. 2022 Galvanized Media. More than 60% of retirees get to spend more time with their loved ones. Whats worse, the median income of households declines with age. There is an official ruling for how many Tootsie Pop licks it takes to get to the center. Sail to victory on your next Trivia Tuesday with these funny facts. According to a survey by AARP, 99% of baby boomers traveled for fun, with the average senior taking five trips. What other details can stats and facts tell us? Statistics on the Number of Retirees and Their Retirement Age U.S. Census data show there are 47.8 million U.S. citizens age 65 and older, representing 14.9 percent of the total population. Retirees are getting richer. The 403(b) was t he first employee-based retirement savings plan in 1958. Lobsters communicate with their bladders. Theres so much retirement information online, but some of it is inaccurate, poorly researched, or just plain out-of-date. The gift guide is full of funny retirement gifts of different kinds. Answer: Otto Von Bismark What does CODA stand for? You should also calculate your pension into your overall plan and start saving accordingly. But, while this method may work for some drivers, it could be Home prices are expected to bottom out in 2023 and return to a more normal growth rate, according to a recent Zillow survey of housing experts. It's the number issued to Hilda Schrader Whitcher, who was a secretary at a wallet manufacturing company in Lockport, N.Y. A . According to retirement readiness statistics, the index in the US increased from 5.57 in 2012 to 6.7 in 2020. 2023 NewRetirement, Inc. All rights reserved. Yes, roads that sing! When you count people ages 50 and older, the group spends about $125 billion on leisure travel each year. Thats about 10 percentage points higher than millennials in both categories. Social Security Administration. They apply financial concepts in a general manner and include HappyGiftMarket. If you have a more conservative portfolio, like 65% fixed income, 15% equities, and 10% cash, your rate of return would be 2% to 3%. Whereas it is a common feeling for 37% of 25 to 34-year-olds. 2. Try this list of 120 big ideas for what to do in retirement. With life expectancies extending because of better health care, retirement planning is essential. Lets say that you have just turned 55 and you have no retirement savings. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Tip 1: Don't Think Too Hard About It + Have Fun With It. Although many workers retire without sufficient funds saved for the years to come, 90% are confident in their ability to manage their finances. Whats more, it seems that retirees appreciate the free time they can spend with the people they love doing something they enjoy. Explore:GOBankingRates Best Banks of 2023See: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track. Margaret Deland. The study finds that peoples goals for leisure in retirement are different from what they wanted while working. Maneesh Sethi, a computer programmer, hired a woman (at $8 an hour) to slap him in the face every time he tried checking Facebook during working hours! The idea of retirement being a one-day transition is long gone for most. However, keep in mind that lower taxes dont necessarily mean that the cost of living is lower, so make sure you consider all other factors before moving. According to the Feds Survey of Consumer Finance, the average net worth for people ages 55 to 64 is over $187,000. There's a highway in Lancaster, California, that plays the "William Tell Overture"or the theme from "The Lone Ranger"whenever cars drive over it at 55 mph. Will Older Adults Return to the Workforce? Answer: Ida May Fuller Who instituted the first social security plan in Germany? significant financial decision. And, that number grows to $37,500 in 2023. When the Transamerica Center for Retirement Studies surveyed baby boomers, 21% expected to live between 90 and 99 and another 10% expected to live to age 100 years old or older. The Gender Gap - Pensions for women are 7500 less than men's on average. The percentage of people ages 65 to 74 that have credit card debt is 42.1%, which is actually slightly higher than the 41.4% of the 55 to 64 age group. videos! Thus, people in their 30s should save about twice their salary, while Americans in their 60s should save about 8 to 10 times their salary. When you stop working, you might feel like there is a gap in your life, not knowing what to do with all that free time. They'll choose your nursing home. That is a lot of fun to be had! And for more ways to dominate trivia night, check out the 50 Facts About Life You Won't Believe You Didn't Already Know. Their average annual income is $38,515, and average net worth is $170,516, but 8.8 percent have incomes that are at the poverty level. Americans have a troubling understanding of computer code. Here are X retirement facts and fictions to help you be more prepared for what lies ahead. A retirement contribution is a payment into a retirement plan, either pretax or after-tax. A catch-up contribution is a type of retirement contribution that allows those 50 or older to make additional contributions to their 401(k) and IRAs. Can cashing out home equity make other retirement priorities more realistic? You can start from a pre-made trivia game template like the one below, and tweak it to make it about your friend. You can get answers to questions, and some programs can even prepare your return for you. Invest for Targeted & Consistent Returns. Geckos can't blink . When asked which was more important, the leisure activity they were doing or the people they were doing it with, over 60% of respondents in a Merrill Lynch study said who they were doing it with mattered more than the things they were doing in retirement. The majority of retirees in the US have managed to maintain their standard of living since they retired. Americans believe that they need an average of $1.7 million to retire and live comfortably. Lake Superior State University in Michigan offers a unicorn hunting license. Fidel Castro was born on 13 August 1926 Born in Birn, a small town in eastern Cuba, Castro was the son of a wealthy Spanish sugarcane farmer. Doug Larson When a man retires, his wife gets twice the husband but only half the income. The days of employer-paid pensions are long over, and the estimatedaverage Social Security retirement benefit in 2023 is $1,827 a month. Therefore, its a good idea to think about how you are going to spend your time in retirement. As a matter of fact, most US workers, or 89%, are not fully retired until 75. According to a survey by AARP, 99% of baby boomers traveled for fun, with the average senior taking five trips. Getty Images / Heritage Images / Contributor. Rethinking Retirement: XX Facts and Fictions Related to Your Future, Get Started The single biggest factor for baby boomers when picking where to live is the cost of living. Dropped for the Second Year in a Row in 2021, More in U.S. "Table A-1. Depending on your profession during your career, your payment may be enough to live on if you keep your expenses low. Individuals aged 65 and older with a job fell 12.9% from February 2020 to February 2021. "Aging is an extraordinary process where you become the person you always should have been.". retirement savings in an IRA or qualified plan such as a 401(k). In fact, you might be surprised to learn that it is probably going to be the best time of your life! Make a plan. According to the Transamerica Center for Retirement Studies, 80% of baby boomers said it was a very important factor. We've assembled some of the best funny facts for you. Black and Hispanic workers, and women, are more likely to experience financial insecurity during retirement. "Skilled Nursing Facility Care. And for more fun facts, sign up for our daily newsletter. And what about anxiety? Baby boomers think that workers ages 50 and older contribute more to the workplace than younger generations in a range of categories. See our new one liners or check one liner of the day. And for more great trivia, here are 20 Crazy Facts That Will Blow Your Mind. Here's a funny fact: If you put some Viagra in a vase, it will make flowers stand up straight for a week beyond when they would normally wilt, according to one study conducted by Israeli and Australian researchers. The statistical data and behavioral facts help provide a composite picture of retirees. In fact, the study says that one of the only areas where people find retirement less fun than work is around financial concerns. Among other things, NewRetirement When you are younger, your work is a big source of your identity. According to retiree statistics, about 29% decided to move to reduce their living expenses. different scenarios on retirement income. Feeling often relaxed is experienced by 71% of 65 to 74-year-olds, but only 41% of those 25-34. These hosts make an average of $6,000 per year. Quickly Lower Your Car Insurance Premium the Dave Ramsey Way What He Recommends, Home Prices Will Bottom Out in 2023, According to Experts, With a Recession Looming, Make These 3 Retirement Moves To Stay On Track, lesser-known retirement facts that will help you prepare. Ideally, you should contribute to your retirement through employer-sponsored plans or IRAs as soon as you start earning money. As same-sex couples received the constitutional right to marry in all Retirement is a time of frugality for many, since other than Social Security and pension payments, many folks don't have much money coming in. More than 40,000 people have claimed 078-05-1120 as their number. Tigers have striped skin, not just striped fur. Answer: 65 on average When was the first Social Security payment made? Retirement is the time in your life when time is no longer money. 10 Merriest Retirement Facts: 2021. People ages 65 and older watch the most TV per day of any age group, according to the Bureau of Labor Statistics American Time Use Survey released in 2017. This compensation may impact how and where listings appear. The calculator lets you add more information, change your assumptions, and keep playing with your data until you find a plan that lets you have the happy retirement you want to have! Gather several fun facts from family and friends about your co-worker and create a multiple-choice quiz on some of the most interesting parts of their life. If people concentrated on the really important things in life, there'd be a shortage of fishing poles. Take this opportunity to share something about yourself that usually wouldn't come up on your resume or cover letter. That's undeniably funny. Thanks to her curiosity and thirst for knowledge, Miras articles are well-researched and informative, but also intriguing and absorbing. so how do they clean their eyeballs? And if you do, are saving enough to get the company match? However, for many, retirement will last much longer than 17 years. Potentially the weirdest of all: In New Mexico, if you make it to 100, you dont have to pay state income taxes as long as no one else claims you as their dependent. Consider these comparisons showing how happiness, contentment, and relaxation soar, while anxiety seems to plummet in retirement: This research is backed by numerous studies on the U curve of happiness. And for more trivia, here are the100 Mind-Blowing Facts You've Never Heard Before. Data shows that the average retirement age in 2020 for men is 64, whereas women retire at 62. And, seniors get more isolated as they get older: Nearly 1 in 2 senior women over age 75 live alone. Retirement can last a long time - The current life expectancy for an average American is close to 79 years old. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. If only there was a way to fill our heads with new knowledge while also appeasing our appetites for silly good fun. You guessed it: "the highest court in the land." Answer: On January 31, 1940 To whom the payment was made? Income From Pensions., Bureau of Labor Statistics. These range from lack of adequate planning, unplanned early retirement, as well as the global economic circumstances. } As a whole, Americans are not doing a great job of saving for retirement. Suzanne is a content marketer, writer, and fact-checker. This is far less than the amount retirees need to meet their daily requirements, as well as health and living expenses. provides you with a way to estimate your future retirement income needs and assess the impact of After decades of accumulating enough money to retire, it can be psychologically and emotionally. Living alone poses many dangers for seniors. One study participant said, Before retirement, I defined myself by my work. On average, teachers work an average of 10 hours per day and 52 hours per week. And before he recorded it, Barry didn't even think it was a particularly good song. The blob of toothpaste that sits on your toothbrush has a name. The NewRetirement retirement calculator helps you figure out where you stand now and it enables you to discover ways you can improve your financial situation. Fact: An Early Retirement (or "On Time" Retirement) is Not Realistic for Many According to new research from , a full 71% of people who struggled financially during the pandemic intend to delay their retirement. 8. We strongly recommend that you seek the advice of a financial Some silly constitutional amendments never happened. 401(k) Limit Increases to $22,500 for 2023, IRA Limit Rises to $6,500. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. You can hire scary clowns to terrify children. Are you wondering what to do in retirement? From revolution to retirement, here are 10 facts about the long-serving Cuban leader. "Benefits Planner: Life Expectancy.". Shelost to a drag queen. More articles about having a happy retirement. Planning is key, so start calculating your retirement savings rate today and begin putting money away. Accomplishments are remembered, contributions recalled, and career highlights recollected. He only had two years of formal education. Retirement is a milestone in one's life. For example, 51% of baby boomers think that older workers are more adept at solving problems, while only 22% of millennials think the same of boomers. Most Haven't Budgeted for Trips According to Baby Boomer retirement facts and stats, Baby Boomers are not thrilled about making their financial plans. In private schools, 74% were female, 39% were under the age of 40, and 38% had a master's or higher. I have also included plenty of affordable ideas, some even under $10 just in case you already have a gift planned for them but want to add . Find Out: 6 Types of Retirement Income That Aren't TaxableWith a Retirement is a critical time in one's life, and, hopefully, a long-lasting one. Then look at your savings balances and how much youre saving regularly. Retirees can generate income by renting out a spare bedroom or guesthouse. ", Internal Revenue Service. Social Security benefits alone are likely not enough to ensure a comfortable retirement. Take a look at these stats to find the answer. PricewaterhouseCoopers. The median total consumer debt of households run by people 65 or older was $31,300 in 2016 four and a half times as high compared to 1989. If you are worried about finances for your new beginning, there are easy steps you can take for more security. Will Roth IRA Withdrawals Be Taxed in the Future? acted upon as a complete financial plan. Retirees might think theyll spend time going back to school or taking classes, but it doesnt factor into decisions of where to live much for baby boomers. Depending on how much progress youve made toward your own retirement goals, you may be feeling better or worse about where you stand. The IRS taxes up to 85% of your Social Security benefits, but depending on where you live, you might not have to pay state income taxes on your Social Security benefits. "As soon as you feel too old to do a thing, do it.". This is the time when the study says that most people enjoy the greatest balance of health, free time, fun and emotional well being.. Then everyone can join in and answer and get automatically scored. There are two kinds of leisure that makes for a happy retirement: everyday leisure and special occasion leisure. This tool was recently named one of the best retirement calculators by the American Association of Individual Investors (AAII). The Supreme Court has its own private basketball court with an amazing nickname. Even though pension payments cannot be improved, you can ensure that youre getting the right pension plan before you retire. Shorts. However, if you assume most people are saving more to prepare for their longer-term needs, youd be mistaken. The study found that 61% say that who you do something with is more important than what you do. One of the big issues with Social Security is that it only provides a similar standard of living for those in the lowest quartile of income earners in the U.S. But, only about one-third buy locally grown food and about 2% own or lease hybrid vehicles. It may seem like you're wasting time online, but you're actually making yourself smarter and healthier. As you get older, you qualify for additional tax breaks at both the state and federal levels. However, one key issue for many older people who are interested in working to supplement their Social Security is that they might not be able to find a jobnotably after the coronavirus pandemic. There is a technical name for the "fear of long words.". Once you turn 65, your standard deduction as an . As if "nice" clowns weren't terrifying enough! Seventy-nine percent of retirees say that they now have the amount of free time they desire. No matter if youre hoping to retire as early as possible or plan to work until you cant, having a plan for how you want to spend your senior years turns dreams into reality. Weve searched to find the latest and most accurate data so that you dont have to! To that end, we collected a bunch of retirement statistics that might give you a better picture of what you may expect after retiring and help you get organized. People ages 50 and older make up almost one-third of all trips to the movies in the United States, seeing an average of 6.8 movies per year, but 70% of the time they go before 7 p.m. And, as people get older, they tend to see more: According to AARP, people ages 65 and older see 7.3 movies per year. And get this: every winter it freezes over! In the small town of Dorset, Minnesota, where a new mayor is picked every two years by drawing names out of a hat, a 3 year old named Robert Tufts was elected mayor in 2015. That said, if you are lucky enough to work for considerate employers, you can ask them to give you some financial tips that can help you create a retirement strategy. Believe it or not, the30th U.S. president thought it was hilarious to push the emergency buzzer on his desk and then hide when the Secret Service came running. If you spliced them all together, there are exactly 26 minutes of quiet staring. "Will Older Adults Return to the Workforce? However, following the retirement statistics, this seems like an unattainable number considering the high percentage of Americans who have no retirement savings whatsoever. Investopedia requires writers to use primary sources to support their work. Loneliness can increase the risk of Alzheimers disease, make seniors more vulnerable to elder abuse, and lead to more unhealthy lifestyle habits. services professional who has a fiduciary relationship with you before making any type of investment or Some baby boomers plan to keep working by choice so they can age well and stay busy. Among all baby boomers, that will add up to 2.5 trillion hours over the next two decades. ", Fidelity. Employment Status of the Civilian Population by Sex and Age. It's called "hippopotomonstrosesquippedaliophobia." only and are not investment advice. The general rule of thumb is saving from 3 times to 7 times your annual salary. For people ages 65 to 74, that figure increases to over $224,000, and for people ages 75 and older, their average net worth is almost $265,000. Um, yeah it's called air. Here at Retirement Is All On You we are committed to telling the truth about how to create the secure retirement you deserve, and what to do avoid retirement disaster. As long as you have taxable compensation, including wages from a side job or self-employment income, you can contribute to a traditional IRA until the year you turn 70 1/2 years old.