By Heidi Pederson via Iris.xyz
Tip: Nearly 70% of workers expect to work for pay in retirement, but only 26% of retirees actually have done so. Source: 2018 Retirement Confidence Survey, EBRI
Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor.
Regardless of what approach you intend to take, here are nine things about retirement that might surprise you.
- Many consider the standard retirement age to be 65. One of the key influencers in arriving at that age was Germany, which initially set its retirement age at 70 then lowered it to age 65.¹
- Every day between now and the end of the next decade, another 10,000 baby boomers will turn 65. That’s roughly one person every 8 seconds.²
- In 2016, the latest year for which data is available, people aged 65 and older accounted for 15% of the population in the U.S. By 2060, they are expected to represent more than one-in-four Americans.³
- Ernest Ackerman was the first person to receive a Social Security benefit. In March 1937, the Cleveland streetcar motorman received a one-time, lump-sum payment of 17¢. Ackerman worked one day under Social Security. He earned $5 for the day and paid a nickel in payroll taxes. His lump-sum payout was equal to 3.5% of his wages.⁴
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