Today’s Hack:
Retirement planning will be different for every person, but it’s interesting to look at the averages to get a general guide on where you stand. Today we’ll share some retirement statistics that will give you a good idea of how the average American prepares for retirement and where the shortcomings might be.
Other Retirement Facts:
We work with people all the time to build a financial plan that fits their specific needs, and if you’re listening to our podcast, that likely means you’re ahead of the curve when it comes to retirement.
The majority of Americans, however, might not be as prepared as they would like to be. We found some recent statistics that back up that belief and thought it would be a great idea to share them on the podcast and provide some context for each of the stats.
The first one we found is 17% of American workers feel very confident they’ll have enough money for retirement. That’s a scary statistic to think about because nearly 4 out of 5 people don’t have any confidence in their financial future. In a related statistic, nearly a quarter of people look at the lottery as a retirement plan. Unfortunately, that’s no way to plan but there are ways to improve your situation. No matter what age you are, planning can be very beneficial.
The next stat is that the average woman today will live to right around the age of 85. That’s great news, and it likely means that retirement will last 20+ years for most people. Have you taken that into consideration with your planning? It’s essential to be actively making decisions regarding long-term care, life insurance, income, and more.
Another great statistic that you might be surprised to hear is 90% of people over 60 believe that a written retirement plan is critical but only 20% of people actually have one. If that’s you, now is the time to change that. Use this new year to take control of your finances and prepare yourself for a relaxing retirement.
Check out our complete conversation about these stats by listening to the podcast and use the timestamps below to find specific topics.
0:37 – Happy 2021
2:15 – 17% of American workers very confident they’ll have enough in retirement
3:31 – Lottery as a retirement plan
7:27 – The average woman will live to near 85 years old
11:14 – 16.5% of the country’s population is over 65
15:00 – 90% of people over 60 believe a written retirement plan is important, but 20% actually do it
Thanks for listening! We’ll be back with another episode next week.
A Quotable Moment:
“You’ve worked all these years, now it’s time to maybe step back and enjoy it, however that enjoyment works for you.”
-Phil Putney