Want the facts on retirement? Here are a few, from industry organizations, that just might surprise you. Check them out and feel free to talk to your representative if you have any comments or questions.
The United States average retirement age for men is 64 and for women is 62.**
Americans’ total retirement assets exceeded $24.7 trillion in 2014. That’s a whopping 36% of all household financial assets in the United States.***
A primary way workers save for retirement is an employer-sponsored retirement savings plan, such as a 401(k). Almost 8 in 10 workers report they are offered such a plan with their current employer. And 85% of eligible employees say they contribute money to their employer’s plan.*
69% of workers report they (the worker, their spouse or both) have saved for retirement. Unfortunately, 26% say they have less than $1,000.*
Many workers are adjusting some of their expectations about retirement. In fact, 17% of workers surveyed say the age at which they expect to retired changed in the page year. And the vast majority (77%) report that their expected age has increased.*
More than half of workers – 52% – report that they have NOT tried to calculate how much money they will need saved by the time they retire so they can live comfortably in retirement.
Many workers report they have virtually NO savings and investments. In total, 54% report that the total value of their household savings and investments (not counting home and defined benefit plans) is less than $25,000.*
Only 39% of workers are very confident that they will have enough money to pay for basic expenses during retirement.*
One-third of workers are not at all confident that future Social Security benefits will match or exceed the value of today’s benefits.*
Almost two-thirds of workers say they feel they are behind schedule when it comes to planning and saving for retirement.*
*Source: The 2015 Retirement Confidence Survey, ebri.org (April 2015)
**Source: What is the Average Retirement Age?, Center for Retirement Research (March 2015)
***Source: The U.S. Retirement Market, Fourth Quarter 2014, Investment Company Institute (March 2015)
Western & Southern Financial Group does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation. Guidance provided is educational.