In well over four decades of experience in the business, I’ve seen many stats that’ve stopped me in my tracks. Things like an FHA interest rate of 16.5%. A one year appreciation rate of just under 50%. Or, more recently many of the stats related to the recent bubble. However, the most recent stat riveting my attention has been the velocity of Boomer generation retirement. They’re retiring at about 10,000 every 24 hours, and will continue to do so ’til around 2030!
Don’t gloss over that fact. Ponder it for a few moments, and let it sink in. Every month about 300,000 Boomers are retiring. That’s over 3.6 million a year, and it’s been happening for awhile now. Thing is, for the most part, I’d guess maybe 80% of ‘em — and I believe that’s being hospitable — aren’t retiring ‘well’ as Grandpa used to say.
Not retiring well?
Let’s look at some facts.
- 74% of those currently working in America fully expect to keep working in retirement. In other words, retirement apparently doesn’t mean stop working. Some will be by choice, most won’t.
- 56% of Americans will retire with unpaid debt. Gotta believe that wasn’t part of the ‘plan’.
- 88% of Americans are almost resigned to retiring at a level of income they never believed would happen to them. Far to little.
- 83% of Boomers expect to have to work in retirement.
I could go on for another page, but you get the picture. One of the stats I uncovered in researching this was a shock to me. Were you aware that approximately 75% of all Americans claim their Social Security income at age 62?! Holy freakin’ cow! That’s 3 outa 4 of us perceiving the need to grab the lower income at 62, instead …read more