How Do You Stack Up For Retirement?
We all wonder how we compare to others - are we the average height, weight, etc.? Are we the typical age for marriage? When it comes to retirement, there are numerous questions to consider, such as whether you have the average amount of funds or whether you will retire at the typical age.We all wonder how we compare to others - are we the average height, weight, etc.? Are we the typical age for marriage? When it comes to retirement, there are numerous questions to consider, such as whether you have the average amount of savings or whether you will retire at the typical age.
Average Retirement Savings
If you're curious about where you stand in terms of retirement savings, the average savings amount for people 65 and older is $407,581. Only 17.3% of people over the age of 65 have a balance of more than $550,000, with 11.6% having a balance of over a million. The greatest balances are frequently held by persons aged 55 to 64.
How do you rate, and how do you feel about it? It's probably a good thing if you consider yourself to be ordinary. If you're feeling behind the eight ball, consider a few factors. The first is how much money you'll need in retirement. Everybodies requirements may differ, so keep that in mind. If you need to catch up, it may be worthwhile to consult with a financial counselor to determine how to effectively plan ahead for that situation.
Social Security Benefits on Average
With such low average retirement savings, it's no surprise that many seniors rely on Social Security to cover their expenses. The majority of pensioners receive their benefit, with 90% doing so by the age of 65, and the average payment is $1825 per month.
The higher 40 quarters of earnings are used to compute Social Security. If both persons in a relationship worked, you can expect to get more than $40,000 in Social Security benefits, and those figures may even quadruple depending on your wage level while working. There is a way to optmize your Social Security Benefits.
Average Retirement Health Expenses
According to the Wall Street Journal, retirees over the age of 65 spend an average of $7,030 a year on health care. That figure is expected to climb as you become older. If you're married and retired, you could spend $14,000 or more each year on health care alone - and that's just the low end estimate. This is something you will undoubtedly need to consider as you plan for retirement.
A Normal Retirement Day
Information on how the average retiree spends their day are also intriguing information that can show you how you stack up in retirement. They spend 9.01 hours sleeping, 6.24 hours relaxing or leisure, 4.5 hours watching television, 1/86 hours eating/drinking/grooming, and the rest of the day on housework, caregiving, exercise, and work. It's important to keep these averages in mind as you plan your retirement so that you can decide how you want to spend your own time in retirement.
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