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Trivia about money, jobs, budgets, credit, debt, and anything related to personal finance.

Retirement

*According to the Social Security Administration a one-time death benefit of $255.00 is available to surviving spouses. Source: Social Security Administration

*72% of working individuals say they plan to work during retirement, while in reality only 34% of retirees are actually working after they retire from a job.

*23% of working individuals say they will retire when they are 65 and another 31% say they will retire after the age of 66. The reality though is that the average worker retires at age 62.

*The retirement crisis in the United States just continues to get worse. According to the Employee Benefit Research Institute, 46% of all American workers have less than $10,000 saved for retirement, and 29% of all American workers have less than $1,000 saved for retirement. Source

*42% of retirees had retired early for some reason beyond their control (health, family situation, economic slow down, etc.)

*Where retiree's income is coming from: Pensions-20%, Asset Income-15%, Social Security-36%, and Part-Time Work-29%. Source: Social Security Administration, Fast Facts and Figures About Social Security 2009

*How many trees? In hopes of saving $1 billion over 10 years, the Department of Treasury has decided that new Social Security applicants should be required to receive their checks via direct deposit. This move could save about 12 million pounds of paper. Source

*By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

*In 2008 6 million Americans over 65 were still working or were actively looking for work.

*Minors can have an IRA. Anyone with earned income can contribute to an IRA, no matter your age. Source: http://lauradadams.com/2010/11/10- ira-facts-everyone-should-know/

*Only 40% of people under 35 years old have a retirement account.

*SS full retirement ages
1937 or earlier 65 years old
1943-1954 66 years old
1960 or later 67 years old

*If you retire early you will lose up to 30% of your full social security benefit for the rest of your life.

*If you delay retirement you will earn an increase for each year you delay up to the age of 70!

*According to the SSA, 62 is the earliest age people can collect a reduced Social Security retirement payment

*For social security benefits, the full retirement age is 67 for people born after 1960.

*A 20-year-old worker has a three in 10 chance of becoming disabled before reaching retirement age. Social Security Disability Insurance pays benefits to you and certain members of your family if you are "insured," meaning that you worked long enough and paid Social Security taxes.

*The average age of people receiving Social Security disability benefits is just 53 years old.

Retirement reality
25% of retirees think life in retirement is worse than it was before they retired.
44% of retirees think their overall quality of life is about the same as it was while they were working.
29% of retirees say leaving the workforce made their life better.
55% of workers age 50 and older expect retirement to be less stressful than it was when they were working.
39% of retirees report having less stress in their lives than they did when employed full time, however.

59% of older workers expect to travel more in retirement.
34% of retirees say they currently travel to places they want to go less than they did in the past, however.
35% fit in vacations about as often as they did while employed.

48% of older workers say they will exercise more in retirement than they do now.
34% of retirees say they get less exercise than they did while employed.
41% get about the same amount.
12% of retirees say they now eat less healthfully than they did while in the workforce.

69% of older workers expect to maintain their current level of health in retirement.
43% of retirees say their health is now similar to what it was 5 years prior to retirement.
39% of retirees say their health is now worse than it was before retirement.

63% of retirees say you need an annual income of $50,000 or more to live comfortably in retirement.
35% admit they do not currently have their target level of income.
From: 7 misconceptions about retired life Source

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