16 Amazing Senior Stats: These stats show that people are living longer and saving less toward their retirement. A reverse mortgage can help seniors in this situation. Call Steve today at: (719) 434-3919. It’s not as hopeless as it seems!
(1) 9%
As of 2016, 9.3% of those 65 and older live in poverty.
(2) 400%
Between 2005 and 2015, the number of Americans 60 or older with student loan debt quadrupled.
(3) 32%
Almost a third of Americans 50 or older are saddled with non-mortgage debt, such as from credit cards.
(4) 20%
Those 55 or older recently made up 20% of the people filing for bankruptcy.
(5) 21%
About 21% of retirees said they had less than $1,000 saved for retirement.
(6) 38%
38% of retirees have socked away $250,000 or more for retirement.
(7) 48%
48% of retirees left the workplace sooner than they’d planned.
(8) 62
The most common age that people retire is 63.
(9) 30%
Collecting Social Security before your full retirement age will leave you with checks that are up to 30% smaller.
(10) 8%
On the other hand, if you wait to collect your benefits as long as you can — to age 70 — they will grow by about 8% for each year beyond your full retirement age that you wait. Delay from age 67 to 70 and you can enjoy checks that are 24% larger.
(11) 36
While the checks that start arriving at age 70 will be much larger, you’ll receive 36 fewer checks overall than if you’d started collecting at 67.
(12) $1,375
The average monthly Social Security retirement benefit is $1,375, or just $16,500 per year.
(13) $275,000
A 65-year-old couple retiring today will spend, on average, a total of $275,000 out of pocket on healthcare.
(14) 10%
If you’re late enrolling for Medicare, your part B premiums (which cover medical services, but not hospital services) can rise by 10% for each year that you were eligible for Medicare but didn’t enroll.
(15) 50%
If you think the 10% penalty above is bad, know that if you don’t take your required minimum distributions (RMDs) from retirement accounts such as traditional IRAs and 401(k)s that require them, you can face an excise tax of 50% of the amount you failed to withdraw.
(16) 95
About one out of every 10 65-year-olds today will live past age 95.
Read the full article, explaining much more about each of the 16 amazing senior stats, at madison.com by clicking here: http://host.madison.com/business/investment/markets-and-stocks/jaw-dropping-stats-about-retirement/article_8ff53d56-f685-5872-9704-8e6c25ef8970.html
16 Amazing Senior Stats: These stats show that people are living longer and saving less toward their retirement. A reverse mortgage can help seniors in this situation. Call Steve today at: (719) 434-3919. It’s not as hopeless as it seems!
