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10 Spooky Facts About Retirement
10/31/2019
While Halloween evokes images of ghosts, goblins and creepy clowns, what’s more scary to consider are these 10 facts the Secure Retirement Institute (formerly LIMRA SRI) gathered about retirement.
- 1 in 7 U.S. retirees (ages 65+) live in poverty.
- 44% of workers who aren’t saving for retirement say they cannot afford to.
- Over half (53%) of Americans don’t believe their savings and investments will last if they live to be 90 years old.
- Thirty percent of retirees have mortgage debt — almost double from 1989.
- About 80% of older adults have at least one chronic disease, and 68% have at least two.
- Social Security is the primary source of income for retirees but the Social Security Trust Fund is expected to be depleted in 15 years.
- Less than half of workers (44%) believe that income from Social Security, pensions and annuities will be enough to pay for their basic living expenses in retirement.
- 45% of working Baby Boomers have less than $100,000 saved for retirement — 28% have less than $25,000.
- Only 13% of Americans say they are very knowledgeable about financial products and investments.
- 7 in 10 pre-retirees say they aren’t well prepared for their retirement.