funny retirement facts

According to the study, retirees have 7.5 hours of free time each day. However, keep in mind that lower taxes dont necessarily mean that the cost of living is lower, so make sure you consider all other factors before moving. You can click on the 'unsubscribe' link in the email at anytime. } It's the number issued to Hilda Schrader Whitcher, who was a secretary at a wallet manufacturing company in Lockport, N.Y. A . For millennials, this could signal that people will have to work well into their 80s or 90s in order to retire comfortably. Sherriff As a whole, Americans are not doing a great job of saving for retirement. Almost 80% of respondents ages 65 and older agreed that staying connected with friends was important, the highest of any age group in the Merrill Lynch survey. In fact, you might be surprised to learn that it is probably going to be the best time of your life! But most people would rather skip the studying and stick with entertainmentturns out, you can do both with some funny facts. Compare that against the recommended savings amount of $456,000 and you can see why there's some concern. The lowest was people ages 35 to 44, with just 58% saying staying connected with friends was important. Maneesh Sethi, a computer programmer, hired a woman (at $8 an hour) to slap him in the face every time he tried checking Facebook during working hours! If you spliced them all together, there are exactly 26 minutes of quiet staring. If you are retired, you are likely feeling pretty good much better than those worried millennials. According to a Merrill Lynch study, only 41% of people ages 25 to 34 reported often feeling relaxed, and over 70% of people ages 65 and older reported often feeling relaxed. Weird But True! Consider thisa 65-year-old woman has a 50% chance of making it to age 86.8 and a 65-year-old man has a 50% chance of reaching age 84.2 (as of January 2023). Social Security benefits alone are likely. The majority of retirees in the US have managed to maintain their standard of living since they retired. There's a village in southern Norway actually named "Hell." In 2018, I think we can all agree that the world could use more Robert Tufts in higher office. Ideally, you should contribute to your retirement through employer-sponsored plans or IRAs as soon as you start earning money. We also reference original research from other reputable publishers where appropriate. While he was in graduate school, astrophysicist Neil DeGrasse Tyson considered becoming a stripper to earn extra money, according to an interview with The University of North-South Whales. A retired husband is often a wife's full-time job. Chi Chi Rodriguez When a man retires and time is no longer a matter of urgent importance, his colleagues generally present him with a watch. "In small populations such as herds you would encounter identifiable dialectical variations which are most affected by the immediate peer group," explains one UK professor in an article for BBC News. What failures did they overcome? The IRS taxes up to 85% of your Social Security benefits, but depending on where you live, you might not have to pay state income taxes on your Social Security benefits. Accomplishments are remembered, contributions recalled, and career highlights recollected. An art collector once paid $10,000 for a "non-visible" sculpture created by actor James Franco. individuals can use on their own behalf to help think through their future plans, but should not be And get this: every winter it freezes over! Most Haven't Budgeted for Trips That's an annualized total return of 7.77%. He visited a club and watched dancers perform to the song Great Balls of Fire. And, get yourself retired. The good news? Facts that need to be considered include debt repayment, living expenses, investments and returns, taxes, as well as the need for long-term care. Social Security Administration. Whether youre a journalist, aspiring retiree, or simply interested in learning about retirement realities, the information below is sure to be useful. Thanks to her curiosity and thirst for knowledge, Miras articles are well-researched and informative, but also intriguing and absorbing. When it comes to saving, sooner is always better because starting at a later age means putting more away each month. You can hire a clown in Switzerland to stalk your kid and creepily smash a cake into their face on their birthday. These hosts make an average of $6,000 per year. Major medical insurance is the most commonly held type of insurance among retirees. The best time to start thinking about your retirement is before the boss does. What motivated them? Read through this section of statistics on retirement and relocation to discover more. Geckos can't blink . What Will Social Security Look Like When You Retire? All Site Content is Copyright 2015 - 2021 Retirement Is All On You | Content is Strictly for Educational Purposes Only. Polar bears touch noses with one another when they greet each other. You're in luck. That's an annualized total return of only 2.96%. 5. 2023 MedAlertHelp.com. Roth TSP vs. Roth IRA: What's the Difference? More articles about having a happy retirement. The average pension benefits in the United States range from $9,262 for private pensions to $22,172 for a federal government pension. Weird But True! The blob of toothpaste that sits on your toothbrush has a name. Americans believe that they need an average of $1.7 million to retire and live comfortably. Thats why younger workers need to plan for two decades or more of income in retirement. Once you turn 65, your standard deduction as an . You guessed it: "the highest court in the land." When you stop working, you might feel like there is a gap in your life, not knowing what to do with all that free time. 10 Merriest Retirement Facts: 2021. Another World's Oldest Man has died. It used to be that you could spend most of your career at one company and count on a pension once you retired. You probably wont look forward to doing your taxes in retirement any more than when you were younger, but the IRS has a special program, Tax Counseling for the Elderly, to provide free tax assistance to people ages 60 and older. Your Retirement Benefit: How Its Figured, Page 1. The artwork was billed as an "endless tank of oxygen." According to the Social Security Administration, Social Security benefits are only intended to replace about 40% of your income from when you were working. The readiness index is measured on a scale of 1 to 10, 1 being the lowest level of preparation for retirement and 10 being the highest. } ); However, one in four Americans says that their standard of living has decreased in retirement. Bear in mind that each plan is different, so you need to save accordingly. A survey conducted in early 2020 discovered that 68% of US workers believe they dont have enough money to retire. Financial Planning ae0fcc31ae342fd3a1346ebb1f342fcb. This figure is much higher than the 25.4 million who retired in the same quarter of the previous year. Given its reputation, its no surprise that Florida has the largest percentage of its population as senior citizens at 17.3%, according to the most recent 2010 census. Here at Retirement Is All On You we are committed to telling the truth about how to create the secure retirement you deserve, and what to do avoid retirement disaster. One Day, the Gains on Your Roth IRA Will Equal the Annual Contribution, Early Withdrawal from Your Roth IRA: Pros and Cons, Early Withdrawal Penalties for Traditional and Roth IRAs, What Is the Roth IRA 5-Year Rule? Fidelity Q3 2022 Retirement Analysis: Despite Continued Volatility, Retirement Fundamentals Remain Sound., Urban Institute. Only 13 states impose state income taxes on all or a portion of your benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia. However, this study found that only 10% of retired couples report more conflict with their spouse or partner. ", Internal Revenue Service. 13 Funny Retirement Quotes to Write in Retirement Cards Lindsay Tigar Updated: Jan. 13, 2023 Retirement is a happy, celebratory time where one can finally reap the benefits of multi-decade. Ninety-two percent of retirees say that retirement gives them greater freedom and flexibility to do whatever they want regardless of how much money they have. The sweet spot of freedom is between the ages of 61 and 75. However, earlier research from AARP suggets that 77% of people want to stay put in retirement. That's not just true for rich tech icons. There is an idea that when people retire, the togetherness for couples is too much. The Merrill Lynch study found that only 23% of retirees have done some planning for the leisure activities they want to do in the next 5 years let alone later on. As same-sex couples received the constitutional right to marry in all Retirement is a time of frugality for many, since other than Social Security and pension payments, many folks don't have much money coming in. Can you afford where you want to be? } else { What Is a Spousal Roth IRA and Does How Does It Work? Lobsters have bladders on either side of their heads, so they communicate by urinating at each other. XXs research found that 69% of all respondents define retirement as a gradual easing out of work, not an abrupt stop. Every half-year counts. George Bernard Shaw. Can You Fund a Roth IRA After Filing Your Taxes? This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The median private pension annual benefit amount is now only $6,988. Some silly constitutional amendments never happened. We've assembled some of the best funny facts for you. Without further ado, lets take a look at the 30 must-know facts and figures that will hopefully help you to leave the labor force with confidence in your financial situation. Its also retiree-friendly in terms of retirement tax rates, and its one of the seven states that dont have personal state income taxes. When you count people ages 50 and older, the group spends about $125 billion on leisure travel each year. However, following the retirement statistics, this seems like an unattainable number considering the high percentage of Americans who have no retirement savings whatsoever. Answer: Ida May Fuller Who instituted the first social security plan in Germany? "Cost of Care Survey. People hate privacy policies (and reading the fine print in general). And for more witty responses, These Are the Greatest Insults in History. All Right Reserved. And, if you did, maybe you can be comforted by the fact that working is proven to keep you young and vital. "Benefits Planner: Life Expectancy.". Getty Images / Heritage Images / Contributor. True story: A lifetime Cleveland Browns fan and season ticket holder requested in his obituary for "six Cleveland Browns pallbearers" at his funeral. Its an app that people can use just like a regular wallet to store their card details and information. Weird But True! var xhr = new XMLHttpRequest(); If you think you wont have to worry about student loans in retirement, you could be wrong. The post-career phase of your life could last a quarter-century or more. People ages 65 and older watch the most TV per day of any age group, according to the Bureau of Labor Statistics American Time Use Survey released in 2017. According to the latest 2020 report from the Federal Reserve, 25% of Americans dont have a single cent in retirement savings. 2. With life expectancies extending because of better health care, retirement planning is essential. I have also included plenty of affordable ideas, some even under $10 just in case you already have a gift planned for them but want to add . For 2022, you can contribute up to $6,000 a year to an IRA, or $7,000 if youre age 50 or older. Additionally, Social Security isn't likely to be enough to live on . The study found that across all levels of assets, retirees report that that in retirement, they are happier. Walmart has a lower acceptance rate than Harvard. Shelost to a drag queen. For example, the average return rate of 5% to 8% is calculated based on a 60/40 portfolio (i.e., 60% equities and 40% cash). Get to know the people behind the company and the mission behind the work, Enterprise Neil DeGrasse Tyson's surprising other career path isn't what you'd guess. When Can I Retire?, and Whats My Retirement Income? find on a particular financial institution, service provider or specific product's site. provides you with a way to estimate your future retirement income needs and assess the impact of One Norwegian town has a super ironic name. Fact: An Early Retirement (or "On Time" Retirement) is Not Realistic for Many According to new research from , a full 71% of people who struggled financially during the pandemic intend to delay their retirement. For retirement planning, you should consider other Here are X retirement facts and fictions to help you be more prepared for what lies ahead. If you eat enough carrotsabout three large carrots a day for several weeksit increases the beta-carotene in your blood and could turn your skin orange. Jellyfish are made up of 95% water. If people concentrated on the really important things in life, there'd be a shortage of fishing poles. For example, 51% of baby boomers think that older workers are. Unsurprisingly, the "chief herald of the Unicorn Hunters" was once quoted saying: "The pursuit of the unicorn is a lonely quest." "Aging is an extraordinary process where you become the person you always should have been.". Will Older Adults Return to the Workforce? 2023 NewRetirement, Inc. All rights reserved. What would they change if they had a do-over? If only there was a way to fill our heads with new knowledge while also appeasing our appetites for silly good fun. When you are younger, your work is a big source of your identity. 63: If you imagine that most people work until about age 65 or longer . Planning is key, so start calculating your retirement savings rate today and begin putting money away. Take Our Poll: How Do You File Your Taxes? Celebrating a friend, loved one, or co-worker retiring is thoughtful and fun. Of respondents ages 75 and older, less than one in four is still paying off a mortgage. Retiring, or Planning to Retire, Later, Retirement in America: Time to Rethink and Retool, Table A-1. If you missed the 10 best days of the S&P 500, you'd have just $15,481. According to the Institute on Aging, nearly one in three seniors who werent in a nursing home lived alone, with older women almost twice as likely as men to live alone. The Better News for Some: If you did okay through the last few years and have been saving and planning, then an early retirement may be perfectly reasonable. so how do they clean their eyeballs? Seniors Like Movies. retirement age future retirees believe is ideal. How you spend your time will be a bigger part of your identity than how you earn money. only and are not investment advice. Retirement is a milestone in one's life. From revolution to retirement, here are 10 facts about the long-serving Cuban leader. Hopefully, these sobering retirement statistics will highlight the importance of well-thought-out preparations. Older people relax more, said Brian Saranovitz, co-founder of Your Retirement Advisor and investment advisor representative with Cetera Advisors. According to retiree statistics, about 29% decided to move to reduce their living expenses. The average American's lack of savings paints a fairly discouraging picture of retirement. In fact, the study says that one of the only areas where people find retirement less fun than work is around financial concerns. It would take 76 workdays (if you work an eight-hour day) to read every online privacy policy you agree to in an average year. Oof! xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); The average retirement age is 67. We wish them nothing but good luck! But, while this method may work for some drivers, it could be Home prices are expected to bottom out in 2023 and return to a more normal growth rate, according to a recent Zillow survey of housing experts. navigator.sendBeacon('https://www.google-analytics.com/collect', payload); How Does Your 401(k) Balance Compare With the Average? The good news is that with stocks down right now, the more money you put in, the more growth potential you might have. In retirement, leisure is often about engagement, connection, and activity. And without the constraints of work, your leisure activities may be more structured. ", U.S. Department of Health and Human Services. "Table A-1. The question isn't at what age I want to retire, it's at what income. That is a lot of fun to be had! The days of employer-paid pensions are long over, and the estimatedaverage Social Security retirement benefit in 2023 is $1,827 a month. Northwestern Mutual As you get older, you qualify for additional tax breaks at both the state and federal levels. What other details can stats and facts tell us? The Transamerica Center for Retirement Studies reports only 7% of baby boomers said that access to continuing education opportunities was a very important factor in deciding where to live. Franklin . So it is of great importance to start preparing for your retirement on time and avoid the retirement crisis. There is an official ruling for how many Tootsie Pop licks it takes to get to the center. On average, teachers work an average of 10 hours per day and 52 hours per week. About 53% of. These include white papers, government data, original reporting, and interviews with industry experts. Well, like most things in life, it depends on you and your reality. There's a basketball court on the top floor of the U.S. Supreme Court Building. ", Fidelity. Retirement is the time in your life when time is no longer money. Are you wondering what to do in retirement? When the Transamerica Center for Retirement Studies surveyed baby boomers, 21% expected to live between 90 and 99 and another 10% expected to live to age 100 years old or older. They need something with a good beat. Its highly recommended that you start saving on time in order to build a large enough nest egg, be proactive, and create an adequate plan for your retirement, which includes finances, health, and other factors. The single biggest factor for baby boomers when picking where to live is the cost of living. Remaining in your current home is part choice: Is it where you want to be? 33. The offers that appear in this table are from partnerships from which Investopedia receives compensation. The sad state of America's retirement preparation. Browse through these numbers and facts to see how the personal finances of retirees fare. Here are seven facts about financial planning and saving for retirement, with some tips and tools everyone can use to achieve a financially secure future: 1. Here are some of the startling truths about retirement in the U.S. Key Takeaways The post-career phase of your life could last a quarter-century or more. A U.S. constitutional amendment was proposed in 1893 suggesting that the country be renamed "The United States of Earth." "So the Browns can let him down one last time." In private schools, 74% were female, 39% were under the age of 40, and 38% had a master's or higher. If you have access to a direct contribution plan or an individual retirement account, start investing now. People ages 65 to 74 were the third most likely to own at 15.2%, just below the 55 to 64 age group at 15.5% directly owning stocks. Make a plan. Potentially the weirdest of all: In New Mexico, if you make it to 100, you dont have to pay state income taxes as long as no one else claims you as their dependent. The calculator lets you add more information, change your assumptions, and keep playing with your data until you find a plan that lets you have the happy retirement you want to have! 4. In fact, the study found that 42% of people ages 25-34 say that they are defined by work. Over 80% of boomers belong to at least one airline loyalty program and over 70% belong to a hotel loyalty program, according to AARP. Are you maxing out contributions to your 401(k) or 403(b)if you have one? Smartphone addiction is real people! Someone actually paid $10,000 for invisible artwork. Seventy-nine percent of retirees say that they now have the amount of free time they desire. An individual retirement account (IRA) is a long-term savings plan with tax advantages that taxpayers can use to plan for retirement. A retirement contribution is a payment into a retirement plan, either pretax or after-tax. Do it yourself retirement planning: easy, comprehensive, reliable. 8. See: 8 Places in California Where Home Prices Have For many American workers, Social Security benefits are the golden carrot awaiting them at the end of a long career. Retirement could last a long time. 2023 Social Security Changes, Page 2. Looking at average American retirement savings by age, we can see that they range from $4,745.25 for 18- to 24-year-olds to $206,819.35 for 65- to 69-year-olds. The size of the average defined-contribution plan balance in the third quarter of 2021. Only 47% of youngsters say that they often feel content, while 71% of those retired report contentment. You cannot miss the 10 best days. comprehensive, reliable. Books. Among all baby boomers, that will add up to 2.5 trillion hours over the next two decades. A catch-up contribution is a type of retirement contribution that allows those 50 or older to make additional contributions to their 401(k) and IRAs. The 2022 Social Security COLA will be 5.9%. "How Much Care Will You Need? We know this question is tough because of how open-ended it is. To that end, we collected a bunch of retirement statistics that might give you a better picture of what you may expect after retiring and help you get organized. Americans 65 and Older Can Take a Larger Tax Deduction. In retirement, you can be whoever you want to be. Only 35% have Medicare supplemental insurance, and 11% hold long-term care insurance. The statistical data and behavioral facts help provide a composite picture of retirees. Investopedia requires writers to use primary sources to support their work. And of your most enjoyable leisure experiences, 82% say that they have those with their partner while 45% say grandchildren, 44% say children, 29% say themselves, 27% say friends and 17% say pets. Even though 401k plans are the most common investment vehicle for retirement in the US and 59% of workers have access to one, only a small percentage are actually using them. It took five years, but the name was finally approved by the government. It's called the "Nutty Narrows Bridge." Medicare may not cover all healthcare costs. When asked which was more important, the leisure activity they were doing or the people they were doing it with, over 60% of respondents in a Merrill Lynch study said who they were doing it with mattered more than the things they were doing in retirement. So when is Discovery Channel premiering their "Vending Machine Week?". You see, where you live is both your biggest expense and, if you own your home, a big part of your wealth. Social Security Administration. For instance, workers in Michigan, Alabama, and Arkansas retire at 62, while the retirement age in states like Nebraska, Utah, and New Hampshire is 65, on average. Sail to victory on your next Trivia Tuesday with these funny facts. What many seniors dont realize is that Medicare doesnt pay for most long-term care costs. If you invite the Queen of England to your wedding, even if you're not royalty, there's a chance she might show up anyway, as she did with one unsuspecting couple in Manchester in 2012. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Use this to your advantage. According to Putnam Investments, if you invested $10,000 in the S&P from the end of 2003 to the end of 2018, you'd have $30,711. Thus, the average retirement income in the US for households run by someone aged 65 to 69 is $53,951, while the median income of households managed by someone 75 or older is $34,925. Most of the time, Social Security payments alone wont be nearly enough to hit that target. Oddly enough, we arent really planning for all the great things we can do in retirement. Well, at least according to engineering students' scientific endeavor at Purdue University, who used a proprietary "licking machine" rather than a human tongue. And if you do, are saving enough to get the company match? Quickly Lower Your Car Insurance Premium the Dave Ramsey Way What He Recommends, Home Prices Will Bottom Out in 2023, According to Experts, With a Recession Looming, Make These 3 Retirement Moves To Stay On Track, lesser-known retirement facts that will help you prepare. Why? Yes, she owes taxes To herself! Top Retirement Facts You Ought To Know. Social Security isnt designed to be your only source of income during your golden years. Invest for Targeted & Consistent Returns. Yes, roads that sing! Learn when happiness peaks. It wasn't until the 18th century that more women wore high heels than men. Depending on your profession during your career, your payment may be enough to live on if you keep your expenses low. Please try again later. Moving on to some more encouraging and fun facts about retirement. To make sure youre saving enough, try to max out contributions to your employer-sponsored plans and IRAs. Want another funny fact? Congratulations. Are You Concerned the U.S. Debt Ceiling Issue Will Endanger Social Security? While some warn that payments would be jeopardized, a law As conversations continue in Congress regarding the fate of Social Security and Medicare, one other big development has come to light that puts the financial health of seniors nearing retirement age As of November 2021, same-sex couples can qualify for the same Social Security spousal and survivors' benefits as other couples. Facts that need to be considered include debt repayment, living expenses, investments and returns, taxes, as well as the need for long-term care. You input your information and the system performs hundreds of different calculations and provides charts to help you understand your financial situation. Believe it or not, the30th U.S. president thought it was hilarious to push the emergency buzzer on his desk and then hide when the Secret Service came running. It can be difficult to spend down your savings. "You don't really start getting old until you stop learning," software magnate and billionaire philanthropistBill Gates told Time. According to the survey, seniors spend about four hours per day watching TV, compared to two hours for people ages 15 to 44. After years of working, it is time to either relax or move on to new adventures. Whereas it is a common feeling for 37% of 25 to 34-year-olds. Dont like your results? Exit . The second-most frequently selected very important factor was close proximity to family and friends. A written financial plan is essential as it helps ensure that your savings will last. Baby boomers think that workers ages 50 and older contribute more to the workplace than younger generations in a range of categories. And for more ways to dominate trivia night, check out the 50 Facts About Life You Won't Believe You Didn't Already Know. Only 39% prioritized the activity itself. And, that number grows to $37,500 in 2023. In 2012, a man wore 60 shirts and nine pairs of jeans on an 11-and-a-half hour flight from China to Africa because he didn't want to pay the extra baggage fee. See which ones surprise you the most.