MY RETIREMENT:
- Retirement Revolution
- 5 Phases of Retirement
- Keys to Retirement Fulfillment
- Our Workshop
- Helpful Resources
- Find Out More
 |
Meet Bob Utter, Retiree
Bob Lives in Jacksonville, Florida. In 1943, he enlisted in the Army as an 18 year old paratrooper. Having never flown before, he had seven "one-way tickets" before he ever landed in an airplane.
He never jumped again after the war ended. Until he was 80, that is.
Bob celebrated his 80th birthday by skydiving near Titusville. When asked by a reporter if he would do it again, he replied, "If somebody would pay for it - yep! |
|
What's so revolutionary about retirement? There are three important trends developing that will dramatically affect most Americans in the coming years:
Thirty years ago, the average age of retirement was 65. Today, it’s as young as 57.5.
The following chart projects average life expectancy for 65 year olds. For instance, a male, age 65, has about a one-in-five chance of being alive at age 95.
| AGE |
75 |
85 |
95 |
| Odds of Living |
10 more years |
20 more years |
30 more years |
| Male (age 65) |
84.5% |
56.1% |
21.9% |
| Female (age 65) |
90.7% |
69.1% |
31.7% |
| Couple (age 65) |
98.5% |
86.4% |
46.7% |
source: 2000 Annuity Mortality Tables |
As you can see, for a couple aged 65 today, there an almost one-in-two chance that one of you will be alive in 30 years!
- According to a 2005 Gallup survey, 41% of Americans are worried they won’t be able to maintain their standard of living in retirement.
- Between 1992 and 2001, the number of people covered by a traditional pension declined from 40% to just 19%.
- The average combined savings in 401(k) plans and IRA’s for Americans in their 40’s and 50’s is $37,000. Among those aged 55-64, the median balance is $60,000.
- In 2003, Americans spent nearly $1.7 trillion on health care; by 2013, these costs are projected to double.
The only answer to meeting these challenges is taking personal responsibility for your future. That’s what our Reinventing your Retirement program is all about!
1 Center for Retirement Research, Boston University, 2005
2 Center for Retirement Research, Boston university, “Will We Have To Work Forever?”, July 2005
3 Department of Health and Human Services, January, 2005
|
