Retirement Planning

Planning for Retirement: Fast Facts for Americans

Most Americans want to retire, but some don't know how to get started. Here are some quick facts to help you plan for retirement and find out where your savings may stack up against other Americans.

Ten helpful facts when planning for retirement

Most Americans desire to retire at some point in their lives, but many don't know when to start saving and don't benchmark their retirement savings by age. In today's world of technology and resources, successfully planning for retirement can be achieved in a variety of ways. This list dives into 10 facts about planning for retirement.

Are there retirement plans out there?

Yes. There are plenty of opportunities to start a retirement plan. According to U.S Retirement Facts nearly 80 percent of workers have accesses to retirement plans.

Is Social Security still relevant?

According to research nearly 86 percent of retirees derive more than half of their retirement income from Social Security. In fact, most currently retired seniors would have severely low incomes if it wasn't for Social Security.

Does Medicare cover retirees?

Unfortunately Medicare does not cover everything in post-retirement life. In fact, it doesn't cover many routine exams and will only cover up to 100 days in a nursing home. Retirees must find other sources of money to fund their retirement expenses.

Life expectancy hits record highs!

The average life expectancy in America has hit a record high of 79.2 years of age for Americans.

No early-out with annuities.

Because of strict guidelines designed to accomplish long term goals, anyone who wants to cash out early from an annuity plan could pay dearly. Early termination fees can be very costly, depending on the carrier and the product.

Annuity administration fees add up.

Administration and management fees for annuities will also vary by carrier. Shop around and compare and include these expenses when you calculate a rate of return.

More people are working post-retirement.

According to nearly 54 percent of people 60 and older will choose to work post-retirement either full- or part-time.

Employer-Sponsored plans still going strong

The most common employee-sponsored retirement plan is the 402(k).

How do you stack up against these averages?

The average savings built up by retired workers 50 and above is roughly $42,797. The average age of retirement is roughly 63 years.

Many entirely dependent on Social Security.

Research indicates roughly 33 percent of elderly beneficiaries reply on Social Security for 90% or more of their income.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

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Planning for Retirement

Some people think of retirement as something we don't need to worry about until we're old. This day and age that just isn't possible. Basically you are never too young to start planning for retirement. Different ages have different requirements, but the end goal is to make sure you can live a comfortable life when you are finally able to retire.