pension statistics

Retrieved from, Horan, S.C. (2020, March 10). The average American started saving for retirement at age 27.
According to the Transamerica Center for Retirement Studies, the median total household retirement savings across all workers is approximately $50,000. In addition, they may help you develop strategies for spending down your savings or plan your healthcare expenses. However, older generations have more difficulties to get back on track with their saving plan. (2017, September 27). 56% of retirees fully retired before age 65. Were you able to find the information you were looking for on Therefore, it’s of great importance to be proactive and create a plan for your retirement which includes financial, health-related, and other factors. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines. So try to start saving as early as possible and on a consistent basis. If your retirement nest egg is not large enough, you can expect to have some difficulties with your financial situation in retirement. Retrieved from, Parker, K., Morin, R. & Horowitz, J.M. What failures did they overcome? indicate that the majority of retirees believe that they should have saved more money for their retirement. Retrieved from, Board of Governors of the Federal Reserve System. Retrieved from, TD Ameritrade. (2019). Three-quarters of Americans agree the country is facing a retirement crisis, making research around the topic more relevant than ever.
One study by AAG found that 25 percent of people believe they need at least $1,000,000 to retire. When compared to Baby Boomers and Gen Xers, Millennials are more excited about financial planning. While the above captures key retirement statistics, what the data don’t show are the unique stories of each retiree. Retrieved from, U.S. Bureau of Labor Statistics. Pew Research Center’s Social & Demographic Trends Project. Approximately one in three retirees live alone, while 22% live with their children, grandchildren or other relatives. Only one in five retirees said that their finances improved.

35 percent of retirees aged 65 to 74 are still paying on mortgages. Here at Retirement Is All On You we are committed to telling the truth about how to create the secure retirement you deserve, and what to do avoid retirement disaster. Research indicates that other major reasons for semi-retirement are related to healthy aging, such as keeping their brain alert and having a sense of purpose. If you haven’t started saving money for your retirement, it’s about time you started setting some money aside. 19th Annual Transamerica Retirement Survey.

What motivated them? Experts Get Retirement Saving Targets Wrong for 7 Reasons, Your Secure Retirement is Squandered If You Can’t ‘See’ It, This number is misaligned with reality however, as the, The number one financial worry of people of working age, at 64 percent, is that, There is a wide range of what the ‘experts’ say is required to fund a secure retirement. According to retiree statistics, about a third of people decided to move in order to reduce their living expenses. This is another promising stat for all the people who are about to retire.

Forty-three percent of millennials say they are afraid of being unable to meet their family’s basic financial needs after retirement. Retrieved from, Social Security Administration. Retrieved from, Center for Retirement Research. (2019, November). It seems a bit surprising considering that many workers retire without sufficient funds saved for the years to come. Others had to make this decision due to medical or family-related reasons. doesn’t believe in selling customer information. (2014, June). That’s 15% or 46 million Americans. Although unfortunately, we can’t control everything in our lives, we should at least try to give our best and prepare a retirement strategy which should enable us to live comfortably in retirement. However, you should be aware that one in four Americans say that their standard of living has decreased in retirement. Therefore, it is recommended to acquaint yourself with Social Security in order to increase your benefits. Just 22 percent of Hispanic Americans and 29 percent of Black Americans report that their retirement savings are on track, versus 43 percent of white Americans that report the same. 66% of retirees claim that their last employer didn’t do anything to help them with transitioning into retirement. This index indicates the level of preparation for retirement on the scale from 1 to 10.


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