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Retirement Facts and Trends

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Retirement Facts and Trends

There are many myths and misunderstandings about retirement and retirees.  This lens is a quick overview of some of the more interesting facts and trends on retirement, as well as some noteable quotes on the subject.

Retirement Statistics

Just the Numbers

Here are a few interesting statistics about retirement and the people who are in that phase of life.
  • One of the 77 million baby boomers reaches 50 every seven seconds. That is around 11,960 people a day and 4 million a year.
  • The age for retirement was set at 65 by Kaiser Willhelm in the late 1800's. It is now generally accepted among gerontologists that life expectancy may exceed 85 years-- and may, in fact, approach the biblical life span of 120.
  • In 2001, 77 million Americans were 50 and older (comprising 28% of the population). By 2020 that segment will be 36% of the population.
  • Nearly 6,000 Americans turn 65 every day, that figure will jump to 9,000 as the baby boomers age.
  • Nearly 35 million Americans were 65 or older in year 2000.
  • Consumers 65 and over make up 13% of the population but account for only 2% of the characters on prime-time TV.
  • In the next 25 years, there will be over a million centenarians in this country.

William Safire on Retirement

"But retraining and fresh stimulation are what all of us should require in the last of life, for which the first was made...We can quit a job, but we quit fresh involvement at our mental peril...When you're through changing, learning, working, to stay involved-only then are you through"

The Importance of America's Retirees

Stats on how retirees (and those approaching that phase) impact the economy

Americans older than 50 account for....
  • More than 77% of the country's financial assets.
  • 54% of consumer demand
  • 77% of all prescriptiond drug purchases
  • 61% of all over-the-counter drugs
  • 47% of all auto sales
  • 80% of all luxury travel purchases

Retirees' View on Life

  • "The average person over 50 mentally pictures themselves as 15 years younger than they really are. People don't want to see who they really are. They want to see who they want to be". - Scott Gilbert, CEO Saatchi & Saatchi, citing research studies.
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  • "On average, mature consumers now consider 'old age' to start at 72, not 65, according to research by RoperASW. The older they get, the older 'old' seems. Consumers younger than 50 say 'old age' starts at 68; those older than 50 say it starts a decade later at 78.."
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  • 95% of all retirees consider themselves open-minded, 94% peaceful, and 94% independent, according to an AIG SunAmerica Harris Interactive Reconditioning Retirements survey. The study defines today's retirees into four broad categories: Ageless Explorers, Live for Todays, Comfortably Contents, and Sick and Tireds. Over two-thirds are active and enjoying a vigorous part of their life.

Hugh Downs on Retirement

Nothing wrong with it [retirement] if it is voluntary and if you're going on to something else. If it's mandatory or if you're going to be sitting around and doing nothing, that's wrong...As a culture, we are prejudiced against older people. We're hung up on youth. Even though more and more people are living longer and healthier lives and continuing to make positive and important contributions, people still believe cliches such as you can't teach an old dog new tricks. I'm here to tell you that you can.

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michaelburnham

After selling a successful family business in 1998, I found myself wondering what to do next. I asked colleagues, friends, and family members (some of... more »

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