Broker Check

9 Facts About Retirement

| March 12, 2019

Provided by Jerry G. Van Houten, AIF, a Smartvestor Pro with Dave Ramsey

In a shocking report done by Ramsey Solutions they discovered nearly half of Americans aren’t saving for Retirement, and those who do save, are not saving nearly enough.

The final report shows while not exactly split down the middle, Americans do fall into two nearly equal groups when it comes to retirement saving. Savers make up the slight majority at 58% of Americans, leaving 42% who are not currently saving for the future.

But the differences between savers and non-savers goes much deeper than that.  Age, income, gender and marital status all have an effect on who saves and how much.

Results from their 2016 survey of more than 1,000 U.S. adults also shows that even among savers, few are setting aside enough to afford a truly secure retirement.  In fact, only one in 10 Americans save 15% or more of their income—the amount industry experts recommend individuals set aside in order to build adequate savings—for retirement.

Tip: Nearly 70% of workers expect to work for pay in retirement, but only 26% of retirees actually have done so. 
Source: 2018 Retirement Confidence Survey, EBRI

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.

  1. Many consider the standard retirement age to be 65. One of the key influencers in arriving at that age was Germany, which initially set its retirement age at 70 then lowered it to age 65.¹
  2. Every day between now and the end of the next decade, another 10,000 baby boomers will turn 65. That’s roughly one person every 8 seconds.²
  3. In 2016, the latest year for which data is available, people aged 65 and older accounted for 15% of the population in the U.S. By 2060, they are expected to represent more than one-in-four Americans.³
  4. Ernest Ackerman was the first person to receive a Social Security benefit. In March 1937, the Cleveland streetcar motorman received a one-time, lump-sum payment of 17¢. Ackerman worked one day under Social Security. He earned $5 for the day and paid a nickel in payroll taxes. His lump-sum payout was equal to 3.5% of his wages.⁴
  5. Sixty-four percent of retirees say they are confident about having enough money to live comfortably throughout their retirement years.⁵
  6. Nine of ten adults aged 65 years and older say they have taken at least one prescription drug in the last 30 days.⁶
  7. In 2017, more than two-thirds (67%) of retirees depended on Social Security as a major source of their income. The average monthly Social Security benefit at the beginning of 2018 was $1,404.⁷
  8. Centenarians — in 1980 there were 32,000 of them. Today there are more than 76,000. And 80% of them are women.⁸
  9. Seniors age 75 and over spend a lot of time watching TV, on average 4.3 hours a day.⁹


These stats and trends point to one conclusion: The 65-and-older age group is expected to become larger and have more influence in the future. Have you made arrangements for health care? Are you comfortable with your investment decisions? If you are unsure about your decisions, maybe it’s time to develop a solid strategy for the future.

Postponing Retirement?

26% of workers now intend to keep working until age 70 and beyond. And 10% don’t intend to retire at all.

Chart Source: Employee Benefit Research Institute, 2016.

1,4. Social Security Administration, 2017
2. The Motley Fool, July 29, 2017
3. U.S. Census Bureau, 2017
5. Employee Benefit Research Institute, 2018 Retirement Confidence Survey
6. Centers for Disease Control and Prevention, 2017 
7. Employee Benefit Research Institute, 2018 Retirement Confidence Survey; Social Security Administration, 2018
8. USA Today, March 22, 2017; U.S. Census Bureau, May 2017
9. Bureau of Labor Statistics, June 27, 2017

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.

Jerry G. Van Houten, AIF is an Independent Financial Advisor with American Asset & Wealth Management. His office is located at 1111 J Street, in Modesto, CA. Visit:

Securities and advisory services offered through Cetera Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency), member FINRA/SIPC, a Broker/Dealer and a Registered Investment Advisor. Cetera is under separate ownership from any other named entity. CA Insurance License #0720760

Working with an advisor that is part of the SmartVestor network cannot guarantee investment success or that financial goals will be achieved. There can be no assurance that working with a Dave Ramsey SmartVestor Pro (SVP) will produce or achieve better results than working with an advisor not affiliated with the SmartVestor program. Advisors that participate in this program pay a fee to belong to the program for client leads that are provided. Dave Ramsey and the Dave Ramsey SmartVestor program is not affiliated with Cetera and American Asset & Wealth Management and is not sponsored or endorsed by Cetera nor American Asset & Wealth Management.