Will you be ready to Retire?

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. 

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. 

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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