12 “Scary” Retirement Facts Keeping Boomers Up at Night
With the Halloween season in full force this week, we want to share a few “scary” facts with you about retirement that we came across in a recent online article.
Here are 12 “Scary” Retirement Facts Keeping Boomers Up at Night:
1. When It Comes to Saving for Retirement, It’s Getting Late Early
46% of all American workers have less than $10,000 saved for retirement and 29% of all American workers have less than $1,000 saved for retirement. (Employee Benefit Research Institute)
2. “Pinching Pennies” Won’t Do You Good
Working Americans are in total $6.6 trillion short of what they need to retire comfortably, according to Boston College’s Center for Retirement Research.
3. Poverty is a Bigger Problem Than You Think
“One out of every six elderly Americans is already living below the federal poverty line, according to the U.S. Census Bureau.”
4. Boomer Retirement Has Only Just Begun
Over the next 20 years, 10,000 or so Baby Boomers will be retiring every single day.
The health and medical insurance industry’s revenue is forecast to increase to more than $865.8 billion – this puts so much more pressure on the majority of Boomers’ underfunded retirement nest eggs.
5. For most Boomers, Early Retirement Is a Dream…
In 1991, 50% of all American workers planned to retire before they reached the age of 65. Today in 2014, that number has dropped almost by half to 23%.
6. …And ‘Retired’ Doesn’t Mean What You Thought It Meant
According to one recent survey, over 70% of American workers expect to work even though they are “retired.”
7. And Unfortunately for Some, There Won’t Be Any Retirement At All
A recent survey by the American Association of Retired Persons found that almost half of Baby Boomers plan to work “until they drop.”
8. The Older the Boomers Get, the Longer They Live and the More They Pay
Currently, Americans 65 years of age or older make up about 13% of the population. In about 15 years, that number will soar to 18%!
“Meanwhile, Medicare expenditures will assuredly increase as this generation retires, forcing many individuals – at least those who can afford it – to pony up for supplemental private insurance to fill in the gaps the government doesn’t fill.”
9. You Aren’t Alone, But That’s Not A Good Thing – It Actually Makes It Worse
There are around 40 million senior citizens in the U.S right now, but that number will more than double by 2050! By that time, all 90 million of them will be taxing the systems, services and resources you use and competing with you when “job-hunting.”
10. Bills Keep Lingering
According to a survey by CESI Debt Solutions, over 55% of American retirees still had outstanding debts when they retired.
11. Retiring In Comfort is Questionable
“According to a survey by Americans for Secure Retirement, 88% of all Americans are worried about ‘maintaining a comfortable standard of living in retirement’ – up from 73% in 2010.”
12. Bankruptcy Rate Isn’t Slowing Down
The number of Americans between 65 years old and 74 years old that filed for bankruptcy increased a shocking 178%, between 1991 and 2007.
Though these 12 retirement facts are reality for most Americans, YOU don’t have to be a statistic!
We would be happy to provide you with a 100% FREE Analysis of your situation, and help you put a solid financial plan in place to ensure you don’t become a statistic.
Contact Whitney today at 614-536-0305 to speak with one of our qualified advisors! Or click the orange “Get Started” button on the right and we will be in touch with you soon.