Helpful Resources
9 Facts About Retirement
Retirement means different things to different people: travel, family, a new business or a charitable cause. Whatever your plans, here are nine facts that might surprise you.
Did you know?
Nine Things About Retirement That Might Surprise You
01
Why 65?
Many consider 65 the standard retirement age. Germany was a key influence: it first set its retirement age at 70, then lowered it to 65.
02
10,000 a Day
Every day through the end of the next decade, another 10,000 baby boomers are expected to turn 65. That's roughly one person every eight seconds.
03
A Fast-Growing Group
In 2022 there were 58 million Americans aged 65 and older. That number is expected to reach 82 million by 2050.
04
The First Social Security Payment
In March 1937, Cleveland streetcar motorman Ernest Ackerman received a one-time payment of 17¢. He'd worked one day under Social Security, earned $5 and paid a nickel in payroll taxes.
05
Confidence Is High
Seventy-three percent of retirees say they're confident they'll have enough money to live comfortably throughout retirement.
06
Care Costs Add Up
The monthly median cost of an assisted living facility is nearly $5,000, and seven out of ten people will need extended care in their lifetime.
07
Social Security Matters
Sixty-four percent of retirees depend on Social Security as a major source of income. The average monthly retirement benefit in January 2024 was $1,907.50.
08
More Centenarians
There were 108,000 centenarians in 2024. By 2053, that number is expected to reach 513,000.
09
Screen Time
Seniors aged 65 and over spend more than four hours a day, on average, watching TV.
What it means for you
These Trends Point to One Conclusion
The 65-and-older group is expected to grow larger and more influential. Have you made arrangements for health care? Are you comfortable with your investment decisions? If you're unsure, it may be time to build a solid strategy for the future.
Sources: SSA.gov, 2024; Genworth.com, 2024; PRB.org, 2024; Social Security Administration, 2024; EBRI.org, 2023; PewResearch.org.
More resources
Tools and Guides
Teacher Retirement Guide
Common mistakes teachers make when planning retirement, and how to avoid them.
Download the PDF →
Retirement Readiness Quiz
Seven quick statements to see how prepared you are for retirement.
Take the quiz →
Retirement Calculator
Estimate whether you're on track to replace 70–80% of your income in retirement.
Open the calculator →
Plan for the Retirement You Want
Talk with Brian Lee about your goals, online or by phone.
