Polls and Statistics Affecting Individuals

Most Pertinent - A 65 year old husband and wife couple has a 50% chance that one of them will live at least 27 years, to age 92.  (On Wall Street, SOA, 11/14/2005)

Retirement Planning

Delaying Retirement - 69% of respondents making $100,000 or more plan to work 4 or more years longer than originally planned before they can retire.  (37% 4-7 years, 32% 8+ years) Source - NETSHARE 2004 Executive Confidence Survey.

Retirement Costs - Almost 70% of surveyed retirees advised they are spending the same or more than they did pre-retirement.  Source - OppenheimerFunds Investing for Retirement 2005 survey of 401 retirees with household incomes of at least $75,000 or household savings and investments of at least $300,000 (not including primary residence).

Retirement Savings - One in seven individuals with incomes over $75,000 have saved less than $5,000 for retirement.  23% of those with incomes over $75,000 are worried and 2% are panicked.  Source - Thrivent Financial for Lutherans survey 3/2005.

Retirement Savings - 28% of Americans save 10% or more of their income.  53% of Americans save 5% or more.  Source - American Savings Education Council.

Retirement Savings - Of Americans earning $50,000 or more, 40% save 10%-20% of their pay, 17% save more than 20% of their pay.  Source - bankrate.com 3/2008.

Retirement Savings - Of Americans earning $100,000 or more, 41% report saving for retirement is their #1 financial priority.  Source - Transamerica Retirement Survey 4/2008.

Retirement Income - Only 15% of American households are projected to be able to replace 85% or more of their pre-retirement income.  Source - Fidelity 6/2005.

Phased Retirement - Almost 20% of workers age 50 or older expressed interest in phased retirement.  Of those, almost 80% stated it would encourage them to stay beyond their planned retirement age.  Source - Knowledge Networks 1/2005 survey for AARP.

Age 65+ Workers - 32% of men and 22% of women age 65-69 are presently working.  Source - Bureau or Labor Statistics

Longevity

What is the fastest growing age group?  Age 85+.

How long may you live?  Take the Living to 100 Quiz courtesy of The Alliance for Aging Research. The Living to 100 Life Expectancy Calculator^©

2001 CSO reports an individual attaining age 65 has average life expectancy of age 85.  Based upon average increase of .3 years annually due to medical advancements, a male nonsmoker age 65 is projected to life to an average of age 91, age 93 for a female nonsmoker.

34% of American retirees expect to live until at least age 90.  Source - AARP

Social Security

68% of Americans believe it would be appropriate to limit future Social Security Benefits paid to the wealthy.  Source - 2/2005 CNN/Gallup/USA Today poll.

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Last modified: May 01, 2008