Inside The Plan

Inside the Numbers: Retirement Statistics

Mar 18, 2019

In this episode of Inside the Plan, Bill Bush and Andy Bush, Advisors at Horizon Financial Group, get down to business with the hard facts and stats that affect all of our retirement decisions. The importance of preparing for retirement can’t be stressed enough. What are the retirement statistics for people’s life expectancies beyond 65, the number of people retiring earlier, and how gender, health, and fear play a role in this information?

Show Notes:

  • 0:38---Many Americans are relying on social security and retirement savings for retirement.
  • 1:23--- How much money is it going to take to retire?
  • 2:10--- How traditional gender roles affect retirement savings
  • 3:15--- Baby boomers have doubt about how much they have saved for retirement.
  • 4:21--- You have to deal with your debt before you get to your retirement years.
  • 7:25--- 35% of people 64-74 and 21% of people over 75 are still paying mortgage debt.
  • 5:52--- What is the average age for retirement?
  • 7:09--- 55% of retirees retire earlier than expected.
  • 8:00--- Employees may miss out on an extra $1,300 on retirement matching each year.
  • 9:01--- A couple will spend approximately $245-280,000 on healthcare during retirement.
  • 9:33--- Nearly 60% of retirees don’t budget for entertainment and activities.
  • 10:12--- How much longer do men and women at age 65 tend to live?
  • 10:31--- What is the saver’s tax credit?

3 Key Points:

  1. More than half of Americans have less than $10,000 saved for retirement.
  2. Women are 27% more likely to have no retirement savings.
  3. 76% of baby boomers aren’t confident that they have saved enough for retirement.

Tweetable Quotes:

-       “One in three Americans has nothing saved for retirement.” – Bill Bush.

-       “If you are creating habits of spending using both incomes, than you need to create habits of saving using both incomes.” – Andy Bush.

-       “The number of seniors declaring bankruptcy has grown to 7% and nearly ⅓ of homeowners of retiring age still have mortgage dept.” – Bill Bush.

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