Retirement Gal

All Things for a Secure Retirement

  • Home
  • About
    • Terms of Use
  • Contact

Not a Day over 65

  • Retirement
Share:
fb-share-icon
Tweet

Despite a reported lack of retirement savings and less certainty when it comes guaranteed income (whether from Social Security or pension benefits) to support them in retirement, data still shows that more than two-thirds of Americans are out of the full-time workforce by age 66.

About half call it quits between ages 61 and 65 while 18% retire even earlier, according to the data shown here from LIMRA Secure Retirement Institute. By age 75, 89% of Americans have left the labor force, LIMRA says.

when-americans-retire

Here are a few other retirement statistics from the LIMRA analysis of worthwhile note:

  • Along with stopping work early, most Americans begin collecting Social Security before their full retirement age (which is 66 for many and rises to 67 for those born after 1960), though the percentage of those claiming early is declining; 57% of men and 64% of women took the benefit early, according to 2014 statistics
  • Half of leading-edge baby boomers, those ages 61 to 69, have fully retired and about 15% of the U.S. population is now finished with work. Among this group, the presence of a traditional pension or retirement plan is often what separates those considered income-rich from those who are not
  • Top of Form
  • Bottom of Form
  • Retired Americans receive $1.3 trillion in income. The vast majority of this income comes from two sources: Social Security (42%) and traditional pension and retirement plans (30%). Traditional pensions remain fairly common for those over 75 but are virtually nonexistent for those under 34
  • Some 41% of retirees have annual income less than $25,000, and of those, only 21% receive income from a pension or retirement plan. Meanwhile, of retirees with income over $50,000 a year, about 80% draw from a pension or retirement plan

To get a picture of how severe the retirement income crisis is—and why more Americans should consider working longer and delaying Social Security—LIMRA looked at total savings: U.S. households own $31 trillion of investable assets, which is an average of $253,200 per household; however most of that is owned by the wealthy – the median holding is just $17,500 and three in four American households have saved less than $100,000

Retirement Age Retirement Income Retirement Planning Social Security
December 6, 2016 Melanie

Post navigation

American Life Expectancy Takes a Slight Dip → ← Year-End Retirement Savings Actions

Connect with Us

RSS
Facebook
Facebook
fb-share-icon
Twitter
Visit Us
Follow Me
Tweet
LinkedIn
Share
YouTube
Follow by Email
Financial Perspectives

More from Us

As part of Financial Perspectives, we share our unique view through these other affiliated blogs:
Financial Perspectives
Investment Edge
Retirement Corner
The Sharp Chartist

Recent Posts

Expect the Unexpected

Expect the Unexpected

Share:

More Info
10 Ways Retirement Has Changed Over the Last Decade

10 Ways Retirement Has Changed Over the Last Decade

Share:

More Info
It’s RMD Season!

It’s RMD Season!

Share:

More Info
2020 Adjustments for Taxes and Contributions

2020 Adjustments for Taxes and Contributions

Share:

More Info
Social Security 2020

Social Security 2020

Share:

More Info
How Life Expectancy Impacts your Retirement Plan

How Life Expectancy Impacts your Retirement Plan

Share:

More Info
Like Squeezing Blood Out of a Turnip

Like Squeezing Blood Out of a Turnip

Share:

More Info
Breaking Bad Habits

Breaking Bad Habits

Share:

More Info
Break Out Those “Childproof” Locks

Break Out Those “Childproof” Locks

Share:

More Info
Real (Purchasing) Power

Real (Purchasing) Power

Share:

More Info

Disclaimer

The information provided on the Blog is provided for informational purposes only and should not be used as a substitute for personalized professional financial advice. Participation in any way with the Blog does not constitute an investment advisory, financial or retirement planning engagement. You should consult with your investment adviser or another financial professional before making any investment decisions. While all information on the Blog is gathered from sources that we deem to be reliable, we cannot guarantee the completeness and/or accuracy of such information. From time to time general investment guidance may be given in the Blog in response to questions asked by readers of the Blog. There is no guarantee as to the risk, returns, and performance of any investments referenced herein.

Copyright Retirement Gal and Financial Perspectives | Terms of Use