Retirement 101

Retirement 101

Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you.

Retired workers support themselves either through pensions or savings. In most cases the money is provided by the government, but sometimes granted only by private subscriptions to mutual funds.

Many retirees rely on Social Security.

Social Security is a significant source of income for most retirees. Almost all retirees (86 percent) receive income from Social Security, and Social Security payments make up at least half of the retirement income of 65 percent of retirees and comprise 90 percent of retirement income for over a third (36 percent) of retirees.  You can start your Social Security retirement benefits as early as age 62 or as late as age 70. Your monthly benefit amount will be different depending on the age you start receiving it.

Recent advances in data collection have vastly improved our ability to understand important relationships between retirement and factors such as health, wealth, employment characteristics and family dynamics, among others. The most prominent study for examining retirement behavior in the United States is the ongoing Health and Retirement Study (HRS), first fielded in 1992.

 

For more information, visit the following links:

25% of Americans Saving $0 for Retirement

Report Says 401(k) balances hit record $89,300 last year

Retired and broke: Social Security and the struggle to make it last

Fidelity: Average 401(k) nearly doubles since ’09

Are Gen X and Y too confident about finance?

Living with longevity

Retirement worry is highest in 23 years

Retirement Just a Dream for Nearly 30 Percent of Workers

More than Half of Americans Have Less than $25K for Retirement—What Should they Do?


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