Retirement Stats that might make you feel good.

These Retirement Stats might scare you, of these retirement statistics will make you feel that at least you are better off than the rest of the county, in which case you should congratulate yourself on your retirement planning.  You be the judge:

Retirement Stats That Might Make you feel good Data
Average age at retirement 63
Average number of years in retirement 18 years
Average savings that  50 year old has in the bank $42,797
The  net worth of a  average 55-64 year old $45,447
Total cost for medical treatments over a 20 year span after age 65 $218,000
Percentage of people from age 30 to 54 who believe they will not have enough money saved for retirement 80%
Percentage of Americans over the age of65 who rely completely on Social Security to live 36%
Percentage of Americans who have NOTHING SAVED  for retirement 38%
Number of Americans who turn 65 every day 6,100
Percentage of population that is 65 years old or more 13%
Retirement Stats      Out of 100 people who starts working at the age of 25, by the age 65:
Will be  wealthy by most standards 1%
Have money saved for retirement 4%
Will still be working after that age 3%
Are dependent on Social Security, friends, relatives or charity 63%
Are already dead 29%
Retirement Stats     Americans older than 50 account for:
Percent of all financial assets 77%
Percent of total consumer demand 54%
Prescription drug purchases 77%
All over-the-counter drugs 61%
Auto Sales 47%
All luxury travel purchases 80%

 

Retirement Stats    How much money do you need in the Bank For Retirement
Monthly income need
Savings Needed for 20 Years
Savings Needed for 30 Years
$1,000 $166,696 $212,150
$2,000 $333,392 $424,300
$3,000 $500,087 $636,450
$4,000 $666,783 $848,601
$5,000 $833,479 $1,060,751
$6,000 $1,000,175 $1,272,901
$7,000 $1,166,871 $1,485,051
$8,000 $1,333,567 $1,697,201
$9,000 $1,500,262 $1,909,351
$10,000 $1,666,958 $2,121,501
The above sums assume your portfolio will earn a 6 percent annualized return during the course of your retirement and endure 2 percent annual inflation erosion

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