Retirement Reminder – Infographic

According to a recent GallUp Economy survey, a lack of retirement savings is the top financial worry for Americans. This fear is further exacerbated by the rising, retirement-age expectancies amongst American elders.

The Bureau of Labor statistics reveal that almost a third of Americans between 65 and 70 years of age are still working! Let’s take a look at some additional, retirement-related statistics.

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Retirement Facts

  • There are 6,000 Americans who turn 65 every single day.
  • About 35% of Americans, aged 65 and up, are completely dependent on social security.
  • The average 50-year old has an estimated savings of $43,797.
  • On average, a couple (65+) will accrue $215,000 in medical treatment costs over a 20 year span.
  • 13% of the American population is 65 years of age or older.
  • Surprisingly, 36% of Americans do not have any retirement savings..
  • 80% of Americans (ages 30-54) believe they will not have enough money for retirement.

Amount of Savings Required for Adequate Retirement

A monthly income of $1,000 is needed to achieve $166,696 of savings for twenty years, and $212,150 of savings for thirty years.

A monthly income of $2,000 is needed to achieve $333,392 of savings for twenty years, and $424,300 of savings for thirty years.

A monthly income of $3,000 is needed to achieve $500,087 of savings for twenty years, and $636,450 of savings for thirty years.

A monthly income of $4,000 is needed to achieve $666,783 of savings for twenty years, and $848,601 of savings for thirty years.

A monthly income of $5,000 is needed to achieve $833,479 of savings for twenty years, and $1,060,751 of savings for thirty years.

A monthly income of $6,000 is needed to achieve $1,000,175 of savings for twenty years, and $1,272,901 of savings for thirty years.

A monthly income of $7,000 is needed to achieve $1,166,871 of savings for twenty years, and $1,485,051 of savings for thirty years.

A monthly income of $8,000 is needed to achieve $1,333,567 of savings for twenty years, and $1,697,201 of savings for thirty years.

A monthly income of $9,000 is needed to achieve $1,500,262 of savings for twenty years, and $1,909,351 of savings for thirty years.

A monthly income of $10,000 is needed to achieve $1,666,958 of savings for twenty years, and $2,121,501 of savings for thirty years.

We hope this blog post has shed informative insight into the retirement expectancies within the U.S. If you require financial assistance for prospective retirement plans, visit the financial service representatives at www.AdvancedPensions.com to receive strategic financial guidance and options!

sources:
http://www.statisticbrain.com/retirement-statistics/
http://www.npr.org/2013/02/11/171693977/series-overview-more-americans-working-past-retirement-age

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