Secrets to Successful Retirement
Real facts from the experiences of those retiring now
Baby Boomers, age 51-69, are reaching retirement and sharing wisdom of what they wish they’d done to better prepare.
Secret 1: Retirement will come sooner than you think
• Traditional retirement age = 65
• Age most people PLAN to retire = 66
• Average ACTUAL retirement age = 61
Secret 2: … Unless it doesn’t come at all
• 41% of Boomers who are still working expect to work beyond age 69
• 82% of Sixty-Somethings believe they will never be able to retire
Secret 3: Retirement will last longer than you expect
• Average life expectancy during retirement = 20 years
Secret 4: 75% of your yearly income isn’t enough
• Common wisdom says you’ll need 70-75% of your yearly income in each year of retirement
• But new data shows low income-earners need about 90%
Secret 5: Florida isn’t the retirement mecca
• Based on cost of living, crime, quality of healthcare, state and local taxes and the lowest federal tax rate in the country…
o Wyoming is the best state to live during retirement
• The tax rate in Wyoming (6.9%) is only about half of what New Yorkers face
Secret 6: Working past retirement isn’t always about money
• 72% of retired Boomers aren’t working at all
• Of those who are…
o 18% do it to stay mentally sharp
o 15% want to stay physically active
o 15% need a sense of purpose
• Half of those who aren’t working at all blame health issues
Secret 7: Healthcare should be your biggest concern
• Recurring costs for Medicare beneficiaries average $1,885 a year
• At age 85 and older…
o Nursing home costs average $24,185 for 2 years
o Some pay up to $66,660!
• AARP estimates retirees need $3,000 a year to cover premiums & deductibles for Medicare Parts A, B and D
• Estimates show a couple who both retire will need $220,000 total for medical expenses
• Healthcare cost is retiree’s biggest fear – even those who were completely healthy when surveyed
Secret 8: Federal retirement benefits are still relevant
• While pensions, 401(k) and IRA accounts and investments are top income sources for current retirees… So is Social Security!
• In 2014, over 59 million Americans received almost $863 billion in benefits
• The average monthly benefit for retired workers was $1,294 / month
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Consolidated Credit helps you take control of monstrous debt with 10 money hacks that can solve budget imbalance so you can achieve financial stability.View Infographic Read More
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KOFE offers a quick infographic snapshot of expected spending for Valentine’s Day 2018. This year, it’s the little things that add up to near record spending on sweethearts. We offer tips on how to use credit cards wisely as you spread the love.View Infographic Read More
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