Retirement stats that will blow you away

This list of retirement statistics may make you feel confident…or very, very depressed. See where you fall in this list.

1. The average recent retirement age was 63.
2. America is home to about 72,000 centenarians (people aged 100 or older).
3. Some retirees will need their nest eggs to last a whopping 38 years (if you live to 100 and retire at 62).
4. About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.
5. Because of the possibility of living a long life, personal finance guru Suze Orman has advised that most people should aim to retire no earlier than age 70.
6. According to the 2016 Retirement Confidence Survey, 46% of retirees left the workforce earlier than planned, with 55% citing health problems or a disability as the reason and 24% citing changes at work such as a downsizing or workplace closure.
7. According to Fidelity Investments, a 65-year-old couple retiring today will spend, on average, a total of $275,000 out of pocket on healthcare.
8. If you’re late enrolling for Medicare, it can cost you. 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.
9. A 2014 MassMutual survey found that 10% of retirees were surprised to find themselves lonely, bored, with a lost sense of purpose, and/or depressed in retirement.
10. That same survey found that 72% of retired respondents reported feeling quite happy or extremely happy in retirement.
11. According to the 2016 Retirement Confidence Survey, about 26% of respondents said they had less than $1,000 saved for retirement (not including pension or home values). A whopping 64% had saved less than $50,000.
12. According to Fidelity Investments, the average 401(k) balance as of mid-2017 was $97,700, while the average IRA account balance climbed into six figures at $100,200.
13. Fidelity also reported that fully a fifth of workers don’t seem to be contributing enough to their 401(k) accounts to get all the matching funds (think free money) offered by their employer.
14. Income from 401(k) accounts has been estimated to represent about 25% to 30% of overall retirement income.
15. The “4% rule” can help you plan for retirement. It suggests that your money might last about 30 years if you withdraw just 4% in the first year and adjust for inflation in subsequent years.
16. According to the Social Security Administration, most elderly beneficiaries get 50% or more of their income from Social Security, while 21% of married beneficiaries and 43% of unmarried ones get fully 90% or more of their income from it.
17. The average monthly retirement benefit was recently $1,371, amounting to $16,452 per year.
18. The overall maximum monthly Social Security benefit for those retiring at their full retirement age in 2017 is still just $2,687, or roughly $32,000 for the whole year.
19. Those who retire at age 70 in 2017 can collect monthly checks as large as $3,538, for $42,456 per year.
20. Benefits are increased over time to keep up with inflation, with the most recent increase (2%) announced in October to take effect in 2018.

To read more about these numbers, visit USAToday.com.

Credit to:
USAToday.com and The Motley Fool.
20 retirement stats that will blow you away
By Selena Maranjian, The Motley Fool, Nov. 3, 2017