Without further ado, lets take a look at the 30 must-know facts and figures that will hopefully help you to leave the labor force with confidence in your financial situation. An individual retirement account (IRA) is a long-term savings plan with tax advantages that taxpayers can use to plan for retirement. Your guide to financial planning and retirement, Community Dropped for the Second Year in a Row in 2021., Gallup. The Funniest Retirement Gifts To Make Everyone Laugh - Charmofgifts They need something with a good beat. You probably sleep eight hours a night but which animal sleeps the most? Lobsters have bladders on either side of their heads, so they communicate by urinating at each other. 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! Do they retire sooner or later than they planned? Answer: 65 on average When was the first Social Security payment made? A U.S. constitutional amendment was proposed in 1893 suggesting that the country be renamed "The United States of Earth." "How Can I Pay For Nursing Home Care? It can be difficult to spend down your savings. Saving for retirement may be more critical now than ever, considering the challenging times and the economic uncertainty we live in. As you get older, you qualify for additional tax breaks at both the state and federal levels. Another reason they cite is to be closer to their family and friends (32%), to enjoy a warmer climate (22%), or to downsize to a smaller home (29%). A full 65% say that financial concerns are greater in retirement than before. Some have health reasons, others were laid off, while for many continuing working wasnt an option in the given circumstances. Some silly constitutional amendments never happened. And get this: every winter it freezes over! 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). Donate items you no longer use - as they say, 'one mans trash is another man's treasure'. A town in Washington has a treetop bridge over a busy road that's just big enough for squirrels. In private schools, 74% were female, 39% were under the age of 40, and 38% had a master's or higher. As the American workplace turns away from pension plans, the onus is increasingly on workers to secure their own retirements. PricewaterhouseCoopers. Employment Status of the Civilian Population by Sex and Age, Fidelity Q3 2022 Retirement Analysis: Despite Continued Volatility, Retirement Fundamentals Remain Sound. It used to be that you could spend most of your career at one company and count on a pension once you retired. For example, 51% of baby boomers think that older workers are. 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. Now, we realize that this comparison isn't exactly flawless, but you have to admit that it's a funny fact. 7 Fun and Interesting Retirement Facts - Choose the Best Self-Directed The post-career phase of your life could last a quarter-century or more. Thanks to her curiosity and thirst for knowledge, Miras articles are well-researched and informative, but also intriguing and absorbing. What is the average age of retirement today? Bear in mind that each plan is different, so you need to save accordingly. Many Americans have little to no retirement plan savings. According to Baby Boomer retirement facts and stats, Baby Boomers are not thrilled about making their financial plans. 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. If only there was a way to fill our heads with new knowledge while also appeasing our appetites for silly good fun. 33. Shutterstock. (A Place for Mom) (Transamerica Center for Retirement Studies). 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. Other types range from reliable life insurance to dental and vision insurance. In more than half of states, the number increased by 46% or more during the same time period. My grandfather tried to warn them about the Titanic. Browse through these numbers and facts to see how the personal finances of retirees fare. 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. Though hilarious, we don't recommend it. Disclaimer: The content, calculators, and tools on NewRetirement.com are for informational and educational purposes 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. Somewhere an elderly lady reads a book on how to use the internet, while a young boy googles "how to read a book". Retirees might not be driving their car as much or at all but they still own their cars. Backdoor Roth IRA: Advantages and Tax Implications Explained, Options When Youre a Roth IRA Beneficiary, How to Use a Roth IRA to Avoid Paying Estate Taxes, 4 Mistakes Clients Make with Roth IRAs and Their Estate, Inherited IRA Rules: Non-Spouse and Spouse Beneficiaries, What to Do If You Contribute Too Much to Your Roth IRA, Roth IRA Required Minimum Distributions (RMDs), What Is Retirement Planning? 59 Retirement One Liners - The funniest retirement jokes - OneLineFun.com Listen Now 1. 7 Facts About Retirement Planning and Saving - DOL Want another funny fact? assets, income, and investments such as equity in a home or savings accounts in addition to your Dropped for the Second Year in a Row in 2021, More in U.S. Retirement Facts You Need to Take Seriously | Reader's Digest 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. This is the time when the study says that most people enjoy the greatest balance of health, free time, fun and emotional well being.. Seniors have a higher standard deduction, and 37 states dont impose state income taxes on Social Security benefits. Explore:GOBankingRates Best Banks of 2023See: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track. And it does not seem to matter how much money you have you are, after all, rich in time. Be nice to your kids. And for more great trivia, here are 20 Crazy Facts That Will Blow Your Mind. Financial Insight in Your Inbox: Sign Up for GBR's Daily Newsletter, Maximize your savings with these 3 expert tips. Um, yeah it's called air. Its never too early to start thinking about how you want to spend your time and your money in retirement. He visited a club and watched dancers perform to the song Great Balls of Fire. Then look at your savings balances and how much youre saving regularly. According to a survey by AARP, 99% of baby boomers traveled for fun, with the average senior taking five trips. Facts that need to be considered include debt repayment, living expenses, investments and returns, taxes, as well as the need for long-term care. Retirement savings statistics paint a somewhat grim picture. Suzanne is a content marketer, writer, and fact-checker. 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. Research shows some of America's workers are more likely to experience . Tip 1: Don't Think Too Hard About It + Have Fun With It. Shorts. Reasonably so, may we add. 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. Everyday leisure activities include doing things that make you feel healthy and relaxed. But where do they move and how do they choose where to live? 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. Financial experts advise that the average 65-year-old American should have saved between $1 million and $1.5 million for retirement. "You don't stop laughing when you grow old, you grow old when you stop laughing.". navigator.sendBeacon('https://www.google-analytics.com/collect', payload); Once you turn 65, your standard deduction as an . According to the latest 2020 report from the Federal Reserve, 25% of Americans dont have a single cent in retirement savings. Now I define myself by what I do with my leisure.. Make a plan for a worst case economic scenario. Over 35% of people ages 65 to 74 are still paying off mortgages, according to the Survey of Consumer Finance. 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. Starting an IRA for Your Child: The Benefits. so how do they clean their eyeballs? If youre working hard to plan the secure retirement you deserve, or youre a current retiree looking for information about other retirees, you now have the most important information, all in one place. Social Security benefits alone are likely not enough to ensure a comfortable retirement. 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. document.addEventListener( 'DOMContentLoaded', function() { 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. Make a plan. Nine out of 10 boomers see retirement as an opportunity for a new beginning not an end of something. Shop Pay is an innovative payment solution developed by Shopify. Depending on your profession during your career, your payment may be enough to live on if you keep your expenses low. "Will Older Adults Return to the Workforce? Pension Rights Center. 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 . Offer financial wellness to the people at the heart of your business. According to retirement readiness statistics, the index in the US increased from 5.57 in 2012 to 6.7 in 2020. David Bowie. According to a survey by AARP, 99% of baby boomers traveled for fun, with the average senior taking five trips. You don't have to be retired to take advantage of a slightly larger standard deduction. Retired Mug Funny Retirement Gift, Cute Retirement Present Fun Quote Coffee Mug, Coworkers Retirement Gifts, Retired Coworkers Gift Big Mug Ad vertisement by HappyGiftMarket. That's undeniably funny. If you have access to a direct contribution plan or an individual retirement account, start investing now. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. And, seniors get more isolated as they get older: Nearly 1 in 2 senior women over age 75 live alone. The study found that 61% say that who you do something with is more important than what you do. Theres so much retirement information online, but some of it is inaccurate, poorly researched, or just plain out-of-date. And 2/3 of couples have not discussed what to do or how much money to spend on leisure. That's an annualized total return of 7.77%. Funny Retirement Wishes: Humorous Quotes and Messages Geckos can't blink . Only 47% of youngsters say that they often feel content, while 71% of those retired report contentment. In light of such shocking American retirement savings statistics, its vital that everyone, whether 25 or 55, seriously considers a proper saving plan to allow for a comfortable and financially secure life after retirement. Prepare for emergencies. The median private pension annual benefit amount is now only $6,988. When the Center for Retirement Studies asked Baby Boomers what age they considered someone old, 17% said between 70 and 79, and another 15% said between 80 and 89. Experts Say How Much You Should Have in Your Retirement Account at Every Stage of Life, 7 Ways Baby Boomers Are Wasting Money in Retirement -- and How To Stop It, 7 Things Every Woman Needs To Know About Retirement, 11 Social Security Mistakes That Can Cost You a Fortune, The Woman's Guide To Collecting Social Security. There are two kinds of leisure that makes for a happy retirement: everyday leisure and special occasion leisure. Seventy-nine percent of retirees say that they now have the amount of free time they desire. Baby boomers think that workers ages 50 and older contribute more to the workplace than younger generations in a range of categories. It's the number issued to Hilda Schrader Whitcher, who was a secretary at a wallet manufacturing company in Lockport, N.Y. A . Moving on to some more encouraging and fun facts about retirement. Just because you quit your day job doesnt mean all retirement plans are off-limits to you. Thats about 10 percentage points higher than millennials in both categories. However, if you assume most people are saving more to prepare for their longer-term needs, youd be mistaken. The statistical data and behavioral facts help provide a composite picture of retirees. As with everything else, safe retirement withdrawal rates depend on many factors you should carefully consider and plan for beforehand. In other words, unless your household is earning less than $30,000 a year, most people will need to rely on some sort of personal savings in order to maintain their current standard of living in retirement, says Mark Hebner, founder and president of Index Fund Advisors Inc., of Irvine, CA, and author of Index Funds: The 12-Step Recovery Program for Active Investors. Are you maxing out contributions to your 401(k) or 403(b)if you have one? 30 Revealing Retirement Statistics & Facts for 2022, most commonly held type of insurance among retirees, 56% of retirees said they would rely on savings, Transamerica Center for Retirement Studies, Ten Key Retirement Statistics Everyone Should Know, Statistics on Retirement Savings in America, Statistics on Personal Finance and Retirement, Facts and Figures on Relocating After Retirement, Interestingly, 15% of respondents in a 2020 survey named Florida as their. 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. One liner tags: marriage, men, retirement, women 80.58 % / 439 votes. retirement savings in an IRA or qualified plan such as a 401(k). Its highly recommended that you start saving on time in order to build a large enough nest egg, be proactive, and create an adequate plan for your retirement, which includes finances, health, and other factors. Ideally, you should contribute to your retirement through employer-sponsored plans or IRAs as soon as you start earning money. There was an unknown error. There's an American town with a population of one. Answer: On January 31, 1940 To whom the payment was made? 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%. For 2023, the contribution limits are adjusted for inflation: you can contribute up to $6,500 a year to an IRA, or $7,500 if you're age 50 or older. 50+ random facts - fun facts - Cosmopolitan The percentage drops to 13.3% for people ages 65 to 74 and then falls even further to 8.5% for people ages 75 and older. If you missed the 10 best days of the S&P 500, you'd have just $15,481. And if you do, are saving enough to get the company match? The readiness index is measured on a scale of 1 to 10, 1 being the lowest level of preparation for retirement and 10 being the highest. However, for many, retirement will last much longer than 17 years. The actual U.S. Centers for Disease Control and Prevention has a real website devoted to "zombie preparedness.". Did you know that about one million people in the US move every year after they retire? As if "nice" clowns weren't terrifying enough! So when is Discovery Channel premiering their "Vending Machine Week?". Retirement could last a long time. Check back often as we continually update this page as new credible data are published. hypotheticals based on information you provide. "401(k) Limit Increases to $22,500 for 2023, IRA Limit Rises to $6,500.". The study finds that peoples goals for leisure in retirement are different from what they wanted while working. We've assembled some of the best funny facts for you. provides you with a way to estimate your future retirement income needs and assess the impact of Weve searched to find the latest and most accurate data so that you dont have to! Need a surefire way to reduce the cost of your car insurance? And for current retirees, an ultra-conservative portfolio composed solely of bonds may not provide enough growth, especially with interest rates still near historic lows. Theres so much retirement information online, but some of it is inaccurate, poorly researched, or just plain out-of-date. At what age do most Americans retire? 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! A written financial plan is essential as it helps ensure that your savings will last. 65 Funny Quotes About Getting Older and Quotes About Aging We're breathing some now for free! 10 Merriest Retirement Facts: 2021. Income From Pensions., Bureau of Labor Statistics. The size of the average defined-contribution plan balance in the third quarter of 2021. 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. It is never too late to start saving and you can make really big gains. We strongly recommend that you seek the advice of a financial Additionally, Social Security isn't likely to be enough to live on . 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. Rethinking Retirement: XX Facts and Fictions Related to Your Future, Get Started Retirement is the time in your life when time is no longer money. The artwork was billed as an "endless tank of oxygen." xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); 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. 2) Old age, fragile bones, doctor visits, medical checkups and a weak bladder - are you still looking forward to retirement? He had personal struggles during a life-changing year. var xhr = new XMLHttpRequest(); All 99 characters of his new name are on his passport. Dont like your results? NewRetirement strives to keep its information and tools accurate and up 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. A PricewaterhouseCoopers report shows that the median retirement savings for individuals ages 55 to 64 is $120,000. 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. A retirement calculator can do all the work for you. You can start from a pre-made trivia game template like the one below, and tweak it to make it about your friend. 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. Remaining in your current home is part choice: Is it where you want to be? However, a much larger group, 52%, said it depends on the person. This is far less than the amount retirees need to meet their daily requirements, as well as health and living expenses. On average, teachers work an average of 10 hours per day and 52 hours per week. The second-most frequently selected very important factor was close proximity to family and friends. Pursuing hobbies and traveling, maybe even retiring to some new location, are just some of the options. 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. And, that number grows to $37,500 in 2023. Shelost to a drag queen. 40 Sad Facts About Retirement | The Motley Fool Almost 70% of people ages 50 or older recycle regularly, and over 70% use energy-efficient bulbs. But, only about one-third buy locally grown food and about 2% own or lease hybrid vehicles. IRA's followed suit in 1974, and finally the 401(k) was established by Congress in 1978. Sail to victory on your next Trivia Tuesday with these funny facts. The 403(b) was t he first employee-based retirement savings plan in 1958. if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { For instance, workers in Michigan, Alabama, and Arkansas retire at 62, while the retirement age in states like Nebraska, Utah, and New Hampshire is 65, on average. These offers do not represent all available deposit, investment, loan or credit products. xhr.open('POST', 'https://www.google-analytics.com/collect', true); Financial planning tools and services to put you on the path to the future you want, Blog And it seems that this new beginning feels full of promise and opportunity, not stress. When high-heel shoes first came into fashion in the 10th century, they were intended for men. Relationships are very important to retirees. However, just over a quarter of people ages 75 and older have credit card debt. to date. 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. significant financial decision. Preparing for it is key, but how prepared are most Americans? Every half-year counts. The general rule of thumb is saving from 3 times to 7 times your annual salary. Someone actually paid $10,000 for invisible artwork. 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. Whats worse, the median income of households declines with age. There was another failed amendment, a few years prior, that wanted to abolish the presidency and install a "Roman-style triumvirate." 30 Revealing Retirement Statistics & Facts for 2022 - MedAlertHelp.org The man considered the most brilliant American of his age rarely saw the inside of a classroom. Neil DeGrasse Tyson's surprising other career path isn't what you'd guess. These include credit cards (18%), loans from family and friends (4%), and unemployment benefits (3%). 124 Retirement Quotes: Funny Retirement Quotes - Retirement Planning Yes, roads that sing! Monowi, Nebraska, is the only town in the United States with an official population of one person. For 2022, you can contribute up to $6,000 a year to an IRA, or $7,000 if youre age 50 or older. 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. A man actually changed his name because he lost a bet. Fun Facts About Me? 60 Interesting Fun Facts About You to Share When it comes to leisure experiences, retirees prefer spending time with grandchildren over children. Here's a funny fact for you: A dairy cow will produce up to 3 percent more milk when listening to music. Polar bears touch noses with one another when they greet each other. Oh my, this couldnt be farther from the truth. There's a flower in the rainforests of Central and South America that resembles a puckering mouth covered in lipstick. A football fan once dedicated his obit to insulting an NFL team. Almost 80% of respondents ages 65 and older agreed that staying connected with friends was important, the highest of any age group in the Merrill Lynch survey. Northwestern Mutual Your Retirement Benefit: How Its Figured. Latin America has flowers that look like lips. Its an app that people can use just like a regular wallet to store their card details and information. "Table A-1. (Transamerica Center for Retirement Studies). This tool was recently named one of the best retirement calculators by the American Association of Individual Investors (AAII). Roth IRA vs. 401(k): Whats the Difference? We're more prepped for a zombie invasion than you probably knew. We wish them nothing but good luck! Facts that need to be considered include debt repayment, living expenses, investments and returns, taxes, as well as the need for long-term care. 6 Surprising Facts About Retirement - Investopedia 2023 MedAlertHelp.com. Try this list of 120 big ideas for what to do in retirement. Social Security benefits alone are likely. Keep on reading to find the answers and more. Here are seven facts about financial planning and saving for retirement, with some tips and tools everyone can use to achieve a financially secure future: 1. Even though pension payments cannot be improved, you can ensure that youre getting the right pension plan before you retire. Plus, over 50% said they had done hardly any leisure travel planning for the year ahead, and only 10% said they had done a lot. Take Our Poll: Are You Concerned the U.S. Debt Ceiling Issue Will Endanger Social Security? How 'bout them apples? According to the Social Security Administration, Social Security benefits are only intended to replace about 40% of your income from when you were working. Margaret Deland. Lake Superior State University in Michigan offers a unicorn hunting license. In fact, 54% of US workers plan to stay in the labor force after 65, with many of them doing part-time jobs or even pursuing a second career. 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. 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 might take a class or join a gym as opposed to taking a nap or watching TV. For retirement planning, you should consider other However, a full 79% of retirees agree that it is important to stay connected with friends. All Rights Reserved. Albert Einstein. The pension gap between men and women is widening, with women's pensions often amounting to far less than their male counterparts.