10 Spooky Facts About Retirement

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.