9 Facts About Retirement

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.

1. 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 and then lowered it to age 65.1

2. Every day between now and the end of the next decade, another 10,000 baby boomers are expected to turn 65. That’s roughly one person every eight seconds.2

3. The 65-and-older population is one of the fastest-growing demographics in the United States. In 2022, there were 58 million Americans aged 65 and older. That number is expected to increase to 82 million by 2050.3

4. 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

5. Seventy-eight percent of retirees say they are confident about having enough money to live comfortably throughout their retirement years.5

6. The monthly median cost of an assisted living facility is around $6,000, and seven out of ten people will require extended care in their lifetime.2

7. Sixty-six percent of retirees depend on Social Security as a major source of their income. The average monthly Social Security retirement benefit as of January 2025 was $1,976.5,6

8. Centenarians – there are 108,000 of them as of 2024. By 2053, this number is expected to increase to 513,000.7

9. Seniors aged 65 and over spend over four hours a day, on average, watching TV.8

Conclusion

These stats and trends point to one conclusion: The 65-and-older age group is expected to become larger and more influential in the future. Have you made arrangements for health care? Are you comfortable with your investment decisions? If you are unsure about your decisions, maybe it’s time to develop a solid strategy for the future.

FAQs About Retirement

• What is considered the traditional retirement age?

  The traditional retirement age is often considered to be 65. This benchmark became widely accepted after several countries, including Germany, adopted age 65 as a standard retirement age. Today, retirement timing is a personal decision that depends on factors such as financial readiness, health, and lifestyle goals.

• Why is retirement planning becoming more important for Americans?

  Retirement planning is becoming increasingly important because Americans are living longer and the population of adults aged 65 and older continues to grow rapidly. Longer life expectancies can mean more years in retirement, making it essential to have a strategy for income, investments, healthcare expenses, and long-term financial security.

• How much can I expect to receive from Social Security in retirement?

  Social Security benefits vary based on your earnings history and the age at which you begin claiming benefits. As of January 2025, the average monthly Social Security retirement benefit was approximately $1,976. While Social Security can provide valuable income, most retirees benefit from additional savings and investment resources to support their lifestyle.

• How dependent are retirees on Social Security income?

  Many retirees rely heavily on Social Security. Recent data shows that approximately 66% of retirees consider Social Security a major source of retirement income. This highlights the importance of coordinating Social Security benefits with other retirement assets as part of a comprehensive financial plan.

• What healthcare and long-term care costs should retirees plan for?

  Healthcare can become one of the largest expenses during retirement. The median monthly cost of assisted living is around $6,000, and studies suggest that about seven out of ten people will require some form of extended care during their lifetime. Planning ahead can help retirees prepare for these potential costs and protect their assets.

• Are most retirees confident about their financial future?

  Many retirees feel positive about their financial outlook. Surveys indicate that approximately 78% of retirees are confident they will have enough money to live comfortably throughout retirement. Working with a financial advisor can help individuals build confidence by creating a personalized retirement income strategy.

• How can a financial advisor help me prepare for retirement?

  A financial advisor can help evaluate your retirement goals, create an investment strategy, assess healthcare and long-term care considerations, optimize Social Security claiming decisions, and develop a sustainable income plan. At Atlantic Wealth Advisors in Glastonbury, Connecticut, retirement planning focuses on helping clients pursue financial confidence and long-term security.

1. SSA.gov, 2025
2. Genworth.com, 2025
3. PRB.org, January 9, 2024
4. Social Security Administration, 2025
5. EBRI.org, 2025
6. SSA.gov, 2025
7. PewResearch.org, January 9, 2024
8. BLS.gov, 2025

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2026 FMG Suite.

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