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Vending machines are bigger threats to humanity than sharks. Doug Larson When a man retires, his wife gets twice the husband but only half the income. How did they get there? In retirement, you can be whoever you want to be. After years of working, it is time to either relax or move on to new adventures. There is an idea that when people retire, the togetherness for couples is too much. Remaining in your current home is part choice: Is it where you want to be? Answer: On January 31, 1940 To whom the payment was made? 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. xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); "Cost of Care Survey. Dont let the financial doom and gloom hold you back. different scenarios on retirement income. 2023 Social Security Changes, Page 2. Even more concerning, the survey was carried out before the coronavirus, which has led to even more chaos and worries both among young and older adults regarding their savings and retirement readiness. Take a look at these stats to find the answer. And come back often to check out our latest articles for real world tips and tools for planning a successful retirement. The statistical data and behavioral facts help provide a composite picture of retirees. Ideally, you should contribute to your retirement through employer-sponsored plans or IRAs as soon as you start earning money. According to retirement income statistics, households managed by people older than 65 spend around $45,756 a year, or about $3,800 a month. Therefore, its a good idea to think about how you are going to spend your time in retirement. 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. Among all baby boomers, that will add up to 2.5 trillion hours over the next two decades. If youre not quite as close to your target as youd like to be, taking a second look at your retirement plan can help you pinpoint the gaps. 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. "Aging is an extraordinary process where you become the person you always should have been.". When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. According to retiree statistics, about 29% decided to move to reduce their living expenses. Traditional IRA: Key Differences. Over 35% of people ages 65 to 74 are still paying off mortgages, according to the Survey of Consumer Finance. Funny Retirement Trivia Questions What is the average age of retirement? 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. Social Security isnt designed to be your only source of income during your golden years. He visited a club and watched dancers perform to the song Great Balls of Fire. And it does not seem to matter how much money you have you are, after all, rich in time. if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { And for more great trivia, here are 20 Crazy Facts That Will Blow Your Mind. One Day, the Gains on Your Roth IRA Will Equal the Annual Contribution, Early Withdrawal from Your Roth IRA: Pros and Cons, Early Withdrawal Penalties for Traditional and Roth IRAs, What Is the Roth IRA 5-Year Rule? You cannot miss the 10 best days. We're breathing some now for free! Keep reading to find out the interesting and lesser-known retirement facts that will help you prepare. Connect with peers and experts, About People hate privacy policies (and reading the fine print in general). Its nickname? An individual retirement account (IRA) is a long-term savings plan with tax advantages that taxpayers can use to plan for retirement. How to Calculate (and Fix) Excess IRA Contributions. "In small populations such as herds you would encounter identifiable dialectical variations which are most affected by the immediate peer group," explains one UK professor in an article for BBC News. Considering the rising unemployment rate today, its no wonder only a third of retirees left the workforce when they planned to, workforce retirement statistics report. Other types of accounts that people in the US use for their retirement savings include a traditional IRA, a health savings account, Roth IRA, and SIMPLE IRA. Neil DeGrasse Tyson's surprising other career path isn't what you'd guess. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. You probably sleep eight hours a night but which animal sleeps the most? To learn from one fateful retirement journey, check out this Retirement Disaster Story. Financial experts believe that if you withdraw 4% to 5% from your savings every year (adjusted for inflation), your money will last for at least thirty years. 2023 MedAlertHelp.com. Lake Superior State University in Michigan offers a unicorn hunting license. There is a technical name for the "fear of long words.". When it comes to leisure experiences, retirees prefer spending time with grandchildren over children. What Will Social Security Look Like When You Retire? The size of the average defined-contribution plan balance in the third quarter of 2021. Retiring, or Planning to Retire, Later., Social Security Administration. Data shows that the average retirement age in 2020 for men is 64, whereas women retire at 62. In retirement, leisure is often about engagement, connection, and activity. And without the constraints of work, your leisure activities may be more structured. You can start from a pre-made trivia game template like the one below, and tweak it to make it about your friend. And it seems that this new beginning feels full of promise and opportunity, not stress. What would they change if they had a do-over? The average unemployment rate for those 65 years old and older was 7.5% in 2020the highest ever. That's an annualized total return of only 2.96%. What motivated them? Only 13 states impose state income taxes on all or a portion of your benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia. Living alone poses many dangers for seniors. Given the fact that so many Americans are behind in their savings, perhaps its not surprising that many remain in the workforce well after reaching Social Security eligibility. Jellyfish are made up of 95% water. And for more fun info, don't miss the 125 Facts That Will Make You Feel Instantly Smarter. 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. These offers do not represent all deposit accounts available. If you invite the Queen of England to your wedding, even if you're not royalty, there's a chance she might show up anyway, as she did with one unsuspecting couple in Manchester in 2012. Troy Segal is an editor and writer. If you think you wont have to worry about student loans in retirement, you could be wrong. There are limits to how much you can contribute, however. 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. Free, 120 big ideas for what to do in retirement. All Right Reserved. And for more trivia, here are the100 Mind-Blowing Facts You've Never Heard Before. You should also calculate your pension into your overall plan and start saving accordingly. Retirees are getting richer. If only there was a way to fill our heads with new knowledge while also appeasing our appetites for silly good fun. 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. What Is a Spousal Roth IRA and Does How Does It Work? We've assembled some of the best funny facts for you. Its also retiree-friendly in terms of retirement tax rates, and its one of the seven states that dont have personal state income taxes. There was another failed amendment, a few years prior, that wanted to abolish the presidency and install a "Roman-style triumvirate." Retired Mug Funny Retirement Gift, Cute Retirement Present Fun Quote Coffee Mug, Coworkers Retirement Gifts, Retired Coworkers Gift Big Mug Ad vertisement by HappyGiftMarket. Nine out of 10 boomers see retirement as an opportunity for a new beginning not an end of something. Whereas it is a common feeling for 37% of 25 to 34-year-olds. With life expectancies extending because of better health care, retirement planning is essential. You're twice as likely to be killed by a vending machine than a shark, according to the New England Aquarium. Unfortunately, many Americans arent replacing those pensions with a defined-contribution (DC) plan such as a 401(k). And for more language facts, here are the20 Words You Won't Believe Are in the Dictionary Now. What failures did they overcome? The average retirement age is 67. 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! If people concentrated on the really important things in life, there'd be a shortage of fishing poles. Americans have a troubling understanding of computer code. Lobsters communicate with their bladders. Thus, the average retirement income in the US for households run by someone aged 65 to 69 is $53,951, while the median income of households managed by someone 75 or older is $34,925. "Table A-1. Dave Ramsey recommended increasing your deductible, among other avenues. Then consider your investments. However, earlier research from AARP suggets that 77% of people want to stay put in retirement. R.C. Over half 54% of baby boomers plan to keep working after they retire, according to the Transamerica Center for Retirement Studies. It is also partly a function of your financial means. 40 Facts So Funny They're Hard to Believe, 50 Facts About Life You Won't Believe You Didn't Already Know, 100 Mind-Blowing Facts You've Never Heard Before, These Are the Greatest Insults in History, 20 Words You Won't Believe Are in the Dictionary Now, engineering students' scientific endeavor, explains one UK professor in an article for, 125 Facts That Will Make You Feel Instantly Smarter. 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. For those 35 to 44 years old, it's $37,000. When it comes to saving, sooner is always better because starting at a later age means putting more away each month. If you spliced them all together, there are exactly 26 minutes of quiet staring. Explore:GOBankingRates Best Banks of 2023See: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track. Another World's Oldest Man has died. You don't have to be retired to take advantage of a slightly larger standard deduction. Other types range from reliable life insurance to dental and vision insurance. Can You Open a Roth IRA for Someone Else? Donate items you no longer use - as they say, 'one mans trash is another man's treasure'. 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. It may seem like you're wasting time online, but you're actually making yourself smarter and healthier. Try this list of 120 big ideas for what to do in retirement. Income From Pensions., Bureau of Labor Statistics. However, the next two might surprise you: Pennsylvania at 15.4% and West Virginia at 16%. According to retirement crisis facts, there are several factors responsible for Americans not being financially ready to retire. Retiring, or Planning to Retire, Later, Retirement in America: Time to Rethink and Retool, Table A-1. The 2022 Social Security COLA will be 5.9%. Getty Images / Heritage Images / Contributor. Get to know the people behind the company and the mission behind the work, Enterprise The 403(b) was t he first employee-based retirement savings plan in 1958. How 'bout them apples? 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. This figure is much higher than the 25.4 million who retired in the same quarter of the previous year. This can be a daunting task and often feels overwhelming. If you dont have a retirement plan offered through your job, or youre fortunate enough to max out your plan each year, you can supplement your savings with an IRA. Northwestern Mutual More than 22% of Americans had less than $5,000 saved for retirement and 15% had no retirement savings in 2019 One year prior, 31% had less than $5,000 saved and 21% had no retirement savings at all. Then look at your savings balances and how much youre saving regularly. Check out Weird But True! You can learn more about the standards we follow in producing accurate, unbiased content in our. Monowi, Nebraska, is the only town in the United States with an official population of one person. 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. Lobsters have bladders on either side of their heads, so they communicate by urinating at each other. Nearly half of all survey respondents (47%) said they think you can be too old to start saving for retirement. Take Our Poll: How Do You File Your Taxes? Britain's Secret Intelligence Service once hacked an Al-Qaeda website and replaced the bomb instructions with a cupcake recipe. Medicare may not cover all healthcare costs. The Gender Gap - Pensions for women are 7500 less than men's on average. PricewaterhouseCoopers. Car ownership statistics dont decline much as people get older. So when is Discovery Channel premiering their "Vending Machine Week?". Celebrating a friend, loved one, or co-worker retiring is thoughtful and fun. Oddly enough, we arent really planning for all the great things we can do in retirement. Retirement is the time in your life when time is no longer money. It's called "hippopotomonstrosesquippedaliophobia." } ); [2] At what age do most Americans retire? According to the Transamerica Center for Retirement Studies, 80% of baby boomers said it was a very important factor. It's called the "Nutty Narrows Bridge." Your guide to financial planning and retirement, Community The post-career phase of your life could last a quarter-century or more. In 2022 there were 60 million active 401(k) participants, while the workforce includes 159 million peoplemeaning roughly 38% of individuals are actively participating in a 401(k). } According to the study, retirees have 7.5 hours of free time each day. A written financial plan is essential as it helps ensure that your savings will last. Considering that health problems are among the greatest fears of the elderly, its good news that 58% describe their general health as good, while 25% describe it as fair. Whats more, only 2% of retirees receive long-term care, while the rest live independently, whether its with help from medical device systems, family, or community support. True story: A lifetime Cleveland Browns fan and season ticket holder requested in his obituary for "six Cleveland Browns pallbearers" at his funeral. A U.S. constitutional amendment was proposed in 1893 suggesting that the country be renamed "The United States of Earth." Thats why younger workers need to plan for two decades or more of income in retirement. 50+ random facts - fun facts UK 1 Gigi Hadid gets candid about parenting Khai 2 The 10 best face oils for every single skin type 3 Shop the viral Uniqlo bag going viral on TikTok 4 Will The Snow. The majority of retirees in the US have managed to maintain their standard of living since they retired. In fact, the study says that one of the only areas where people find retirement less fun than work is around financial concerns. 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. Thanks to her curiosity and thirst for knowledge, Miras articles are well-researched and informative, but also intriguing and absorbing. The median private pension annual benefit amount is now only $6,988. There's a basketball court on the top floor of the U.S. Supreme Court Building. Burn! According to the study, of all times in our life, we are happiest and most content between the ages of 65 and 74. } Start by trying to figure out just how much youll need for retirement, based on your current spending and the standard of living you want. Shorts. People ages 65 to 74 were the third most likely to own at 15.2%, just below the 55 to 64 age group at 15.5% directly owning stocks. Search in the largest collection of one liners and puns. Some have health reasons, others were laid off, while for many continuing working wasnt an option in the given circumstances. 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%. Employment Status of the Civilian Population by Sex and Age. More than 60% of retirees get to spend more time with their loved ones. Latin America has flowers that look like lips. *. Compare that against the recommended savings amount of $456,000 and you can see why there's some concern. Somewhere an elderly lady reads a book on how to use the internet, while a young boy googles "how to read a book". It's the number issued to Hilda Schrader Whitcher, who was a secretary at a wallet manufacturing company in Lockport, N.Y. A . And of your most enjoyable leisure experiences, 82% say that they have those with their partner while 45% say grandchildren, 44% say children, 29% say themselves, 27% say friends and 17% say pets. Why are there so many old people in Church? While he was in graduate school, astrophysicist Neil DeGrasse Tyson considered becoming a stripper to earn extra money, according to an interview with The University of North-South Whales. retirement age future retirees believe is ideal. Nearly three-fourths (73%) of employees wish they had better 401(k) guidance at work; only 5% disagree. You see, where you live is both your biggest expense and, if you own your home, a big part of your wealth. More than 40,000 people have claimed 078-05-1120 as their number. You can hire scary clowns to terrify children. 10 Merriest Retirement Facts: 2021. Tigers have striped skin, not just striped fur. Below youll find statistics on the number of retirees and their average retirement age, retirement savings, pensions and 401(k)s, Social Security, and other interesting retirement facts. You're in luck. While only 3 percent of seniors cite death as their greatest fear. Terrorist instructions were once replaced with cupcakes. My grandfather tried to warn them about the Titanic. Books. Investopedia does not include all offers available in the marketplace. For example, the average return rate of 5% to 8% is calculated based on a 60/40 portfolio (i.e., 60% equities and 40% cash). The study found that 61% say that who you do something with is more important than what you do. According to Baby Boomer retirement facts and stats, Baby Boomers are not thrilled about making their financial plans. Your Retirement Benefit: How Its Figured, Page 1. Studies have shown that learning something new every day can improve your brain health and make you happier. services professional who has a fiduciary relationship with you before making any type of investment or 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. See our new one liners or check one liner of the day. This may seem like a considerable sum, especially given how close it is to the average annual retirement income; however, data shows that they actually spend $1,000 less than the monthly average of all combined households in the US. 5. (Transamerica Center for Retirement Studies). When you count people ages 50 and older, the group spends about $125 billion on leisure travel each year. Here are 10 ways retirement might surprise you. individuals can use on their own behalf to help think through their future plans, but should not be Social Security benefits alone are likely not enough to ensure a comfortable retirement. They'll choose your nursing home. See which ones surprise you the most. Of course, retiring broke or not being able to retire at all are their children or grandchildren are more enjoyable, and 60% of respondents picked grandchildren. Reasonably so, may we add. The lowest was people ages 35 to 44, with just 58% saying staying connected with friends was important. Her Majesty has made "a dramatic departure" from this longstanding policy, according to insiders. Financial Planning For example, 51% of baby boomers think that older workers are. It is called Psychotria Elata. According to the Institute on Aging, nearly one in three seniors who werent in a nursing home lived alone, with older women almost twice as likely as men to live alone. Here are some fun facts about animals that will most likely blow your mind: 15,000-20,000 new animal species are discovered every year. 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. 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 . You probably wont look forward to doing your taxes in retirement any more than when you were younger, but the IRS has a special program, Tax Counseling for the Elderly, to provide free tax assistance to people ages 60 and older. xhr.open('POST', 'https://www.google-analytics.com/collect', true); "How Much Care Will You Need? 1) Retirement is the beginning of the time when you can sit back and give advice to others, even though you never followed it in your own life. Seventy-nine percent of retirees say that they now have the amount of free time they desire. She's in her 80s, and she's employed as the village's mayor, librarian, and bartender. I guess you can't be guilty of a crime if nobody can describe what it is!