Retirement Facts
We can help you prepare for retirement.
18% of Americans are saving NONE of their annual income.
(SOURCE: MoneyWatch.com, June 9, 2022 “Here’s exactly how much money is in the average savings account in America (and psst: it’s a lot more than you might guess)” accessed August 11, 2022 https://www.marketwatch.com/picks/heres-exactly-how-much-money-is-in-the-average-savings-account-in-america-and-psst-you-might-feel-inadequate-in-comparison-01646168736#:~:text=And%20according%20to%20data%20from,while%20the%20median%20was%20only )
39% of Americans have NO MONEY set aside for retirement.
(SOURCE: GoBankingRates, June 28, 2022. “Half of Americans Don’t Have Enough Retirement Savings, New Study Shows” accessed September 19, 2022, https://www.gobankingrates.com/retirement/planning/half-americans-do-not-have-enough-retirement-savings-new-study-shows/)
48% of Americans are saving LESS THAN $5,000 of their annual income.
(SOURCE: MoneyWatch.com, June 9, 2022. “Here’s exactly how much money is in the average savings account in America (and psst: it’s a lot more than you might guess)” accessed August 11, 2022, https://www.marketwatch.com/picks/heres-exactly-how-much-money-is-in-the-average-savings-account-in-america-and-psst-you-might-feel-inadequate-in-comparison-01646168736# )
50% of retirees stopped working earlier than planned. Health and Job Loss were the most common reasons.
(SOURCE: Merrill Lynch, “One of the most surprising things about retirement today” accessed August 11, 2022, https://www.ml.com/investing-podcasts-events.html )
Social Security benefits provide only about 30% of the income of the elderly.
(SOURCE: Social Security Administration, “Fact Sheet Social Security” accessed August 11, 2022, https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf )
A healthy 65-Year-Old Couple will need $597,389 for health costs for the rest of their lives.
(SOURCE: HealthView Services, “2022 Retirement Healthcare Costs Data Report Brief,” Accessed August 11, 2022, https://hvsfinancial.com/wp-content/uploads/2022/03/HVS-Data-Report-Brief-0312222.pdf )
1 year in a skilled nursing facility can cost more than $122,000.
(SOURCE: SeniorLiving.org, “Skilled Nursing Costs” August 11, 2022, https://www.seniorliving.org/skilled-nursing/cost/ )
About 61% of older millennials say they’re planning to work a second job or pick up part-time work during retirement,
(SOURCE: CNBC, July 22, 2021. “61% of older millennials believe they’ll be working at least part-time during retirement” accessed September 19, 2022, https://www.cnbc.com/2021/07/22/majority-of-older-millennials-believe-they-will-work-during-retirement.html)
Reasons American don’t save for retirement
- feel they don’t make enough money
- Feel like they are too young
- Prioritizing other investments
- It’s too complicated
- It’s too late to get started
- It’s too risky
(SOURCE: The Motley Fool, July 23, 2022. “3 Top Reasons Workers Are Not Saving for Retirement” accessed on September 19, 2022. https://www.fool.com/investing/2022/07/23/3-top-reasons-workers-are-not-saving-retirement/#:~:text=Not%20making%20enough%20money,have%20a%20job%20at%20all)
(SOURCE: Part Time Money, February 18, 2022. “7 Lame Reasons People Don’t Save for Retirement” accessed on September 19, 2022. https://ptmoney.com/7-retirement-savings-excuses-you-can-overcome/)
People who reach their mid-60’s without enough savings must either dramatically cut spending or keep working to survive.
(SOURCE: Investopedia, August 16, 2021. “Retirement Without Savings?” accessed September 19, 2022, https://www.investopedia.com/articles/personal-finance/111815/what-retirement-will-look-without-savings.asp)
Even a small amount put aside each week helps build retirement savings.
We can help you prepare for retirement. Start Now.
Financial Representatives should not hold themselves out to the public as social security experts. Lafayette Life does not provide social security advice. The information provided is for educational purposes only.
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