Keep reading to find out the interesting and lesser-known retirement facts that will help you prepare.
Last updated: Dec. 30, 2019
<div class="gallery-item"> <h2>1. Social Security Won’t Cover All Your Expenses</h2>Social Security isn’t designed to be your only source of income during your golden years. According to the Social Security Administration, Social Security benefits are only intended to replace about 40% of your income from when you were working. </div> <div class="gallery-item"> <h2>2. Older People Value Older Workers</h2>Baby boomers think that workers ages 50 and older contribute more to the workplace than younger generations in a range of categories. For example, 51% of baby boomers think that older workers are more adept at solving problems, while only 22% of millennials think the same of boomers. </div> <div class="gallery-item"> <h2>3. Seniors Like Movies</h2>People ages 50 and older make up almost one-third of all trips to the movies in the United States, seeing an average of 6.8 movies per year, but 70% of the time they go before 7 p.m. And, as people get older, they tend to see more: According to AARP, people ages 65 and older see 7.3 movies per year. </div> <div class="gallery-item"> <h2>4. Pennsylvania Has the Second-Highest Proportion of Seniors</h2>Given its reputation, it’s no surprise that Florida has the largest percentage of its population as senior citizens at 17.3%, according to the most recent 2010 census. However, the next two might surprise you: Pennsylvania at 15.4% and West Virginia at 16%. </div> <div class="gallery-item"> <h2>5. Seniors Live Alone</h2>According to the Institute on Aging, nearly one in three seniors who weren’t in a nursing home lived alone, with older women almost twice as likely to live alone than men. And, seniors get more isolated as they get older: Nearly 1 in 2 senior women over age 75 live alone.
<div class="gallery-item"> <h2>6. Who Matters More Than What</h2>When asked which was more important, the leisure activity they were doing or the people they were doing it with, over 60% of respondents in a Merrill Lynch study said who they were doing it with mattered more than the things they were doing in retirement. </div> <div class="gallery-item"> <h2>7. Retirees Relax More</h2>Older people relax more, said Brian Saranovitz, co-founder of Your Retirement Advisor and investment advisor representative with Cetera Advisors. According to a Merrill Lynch study, only 41% of people ages 25 to 34 reported often feeling relaxed, and over 70% of people ages 65 and older reported often feeling relaxed. </div> <div class="gallery-item"> <h2>8. Social Security Might Not Be Taxed By Your State</h2><a href="https://www.irs.gov/newsroom/are-social-security-benefits-taxable"></a>The IRS taxes up to 85% of your Social Security benefits, but depending on where you live, you might not have to pay state income taxes on your Social Security benefits. Only 13 states impose state income taxes on all or a portion of your benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia. </div> <div class="gallery-item"> <h2>9. Retirees Love To Travel</h2>According to a survey by AARP, 99% of baby boomers traveled for fun, with the average senior taking five trips. When you count people ages 50 and older, the group spends about $125 billion on leisure travel each year. </div> <div class="gallery-item"> <h2>10. Most Haven’t Budgeted For Trips</h2>About two-thirds of retirees ages 50 and older said they hadn’t budgeted for travel in retirement, according to a Merrill Lynch study. Plus, over 50% said they had done hardly any leisure travel planning for the year ahead, and only 10% said they had done a lot. </div> <div class="gallery-item"> <h2>11. Retirees Think They Have Plenty of Life Left</h2>Just because someone has retired doesn’t mean they expect to die in the near future. When the Transamerica Center for Retirement Studies surveyed baby boomers, 21% expected to live between 90 and 99 and another 10% expected to live to age 100 years old or older. </div> <div class="gallery-item"> <h2>12. The IRS Offers Free Tax Help for Seniors</h2>You probably won’t look forward to doing your taxes in retirement any more than when you were younger, but the IRS has a special program, Tax Counseling for the Elderly, to provide free tax assistance to people ages 60 and older. You can get answers to questions, and some programs can even prepare your return for you. </div> <div class="gallery-item"> <h2>13. TV Watching Becomes More Common</h2>People ages 65 and older watch the most TV per day of any age group, according to the Bureau of Labor Statistics’ American Time Use Survey released in 2017. According to the survey, seniors spend about four hours per day watching TV, compared to two hours for people ages 15 to 44. </div> <div class="gallery-item"> <h2>14. Seniors Think Green</h2>Almost 70% of people ages 50 or older recycle regularly, and over 70% use energy-efficient bulbs. But, only about one-third buy locally grown food and about 2% own or lease hybrid vehicles. </div> <div class="gallery-item"> <h2>15. Retirees Could Still Be Paying Off Student Loans</h2>If you think you won’t have to worry about student loans in retirement, you could be wrong. According to the Consumer Finance Protection Bureau, the number of older student loan borrowers — defined as ages 60 and older — increased by at least 20% in every state between 2012 and 2017. In more than half of states, the number increased by 46% or more during the same time period. </div> <div class="gallery-item"> <h2>16. Retirees Like Their Rewards Program</h2>Over 80% of boomers belong to at least one airline loyalty program and over 70% belong to a hotel loyalty program, according to AARP. That’s about 10 percentage points higher than millennials in both categories.