"For many, retirement is a time
for personal growth, which becomes
the path to greater freedom."
–Robert Delamontague
"For many, retirement is a time for personal growth, which becomes the path to greater freedom."
–Robert Delamontague
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 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 8 seconds. [2]
3. The 65-and-older population is the fastest growing age group in the United States, and has grown by 34.2% over the past decade. [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. Eighty 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 over $4,000, and 7 out of 10 people will require extended care in their lifetime. [2]
7. Sixty-two percent of retirees are dependent upon Social Security as a major source of their income. The average monthly Social Security benefit at the beginning of 2021 was $1,543. [5,6]
8. Centenarians – in 2020 there were 92,000 of them. By 2060, this number is expected to increase to 589,000. [7]
9. Seniors age 65 and over spend over 4 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.
Consult With Our Experts
1. Social Security Administration, 2021
2. Genworth.com, 2021
3. The United States Census Bureau, 2020
4. Social Security Administration, 2021
5. Employee Benefit Research Institute, 2021
6. AARP.org, December 23, 2020
7. Statista.com, January 10, 2021
8. U.S. Bureau of Labor Statistics, 2020
About Our Financial Experts
Don Daves
Don is the Founder/CEO of the Diamond Advisor Group. He has over 35 years of experience helping people plan for their future.
Craig Daves
Craig is a Partner of the Diamond Advisor Group. He has an extensive background in Business Management, financial analysis, and retail sales. He started working in the financial services industry in late 1998 and has over 20+ years of experience.
Consult With Our Experts
NC Teachers' & State Employees' Retirement System Handbook
How Tax Loopholes Will Lessen
Your Tax Bills
2022 Annual tax Guide
Retirement Questions for Educators - Answered
4 Critical Social Security Facts
The Pre-retirement Checklist
What You Must Know 5 Years Before Retirement
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 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 8
seconds. [2]
3. The 65-and-older population is the fastest growing age group in the
United States, and has grown by 34.2% over the past decade. [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. Eighty 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 over $4,000, and 7
out of 10 people will require extended care in their lifetime. [2]
7. Sixty-two percent of retirees are dependent upon Social Security as a
major source of their income. The average monthly Social Security benefit
at the beginning of 2021 was $1,543. [5,6]
8. Centenarians – in 2020 there were 92,000 of them. By 2060, this number is
expected to increase to 589,000. [7]
9. Seniors age 65 and over spend over 4 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.
Consult With Our Experts Now!
1. Social Security Administration, 2021
2. Genworth.com, 2021
3. The United States Census Bureau, 2020
4. Social Security Administration, 2021
5. Employee Benefit Research Institute, 2021
6. AARP.org, December 23, 2020
7. Statista.com, January 10, 2021
8. U.S. Bureau of Labor Statistics, 2020
About Our Financial Experts
Don Daves
Don is the Founder/CEO of the Diamond Advisor Group. He has over 35 years of experience helping people plan for their future.
Craig Daves
Craig is a Partner of the Diamond Advisor Group. He has an extensive background in Business Management, financial analysis, and retail sales. He started working in the financial services industry in late 1998 and has over 20+ years of experience.
Consult With Our Experts
NC Teachers' & State Employees' Retirement System Handbook
How Tax Loopholes Will Lessen
Your Tax Bills
2022 Annual tax Guide
Retirement Questions for Educators - Answered
4 Critical Social Security Facts
The Pre-retirement Checklist
What You Must Know 5 Years Before Retirement
About Our Financial Experts
Don Daves
Don is the Founder/CEO of the Diamond Advisor Group. He has over 35 years of experience helping people plan for their future.
Craig Daves
Craig is a Partner of the Diamond Advisor Group. He has an extensive background in Business Management, financial analysis, and retail sales. He started working in the financial services industry in late 1998 and has over 20+ years of experience.
Consult With Our Experts
NC Teachers' & State Employees' Retirement System Handbook
Ask Our Experts
Send us an email and we'll get in touch with you.
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 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 8
seconds. [2]
3. The 65-and-older population is the fastest growing age group in the
United States, and has grown by 34.2% over the past decade. [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. Eighty 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 over $4,000, and 7
out of 10 people will require extended care in their lifetime. [2]
7. Sixty-two percent of retirees are dependent upon Social Security as a
major source of their income. The average monthly Social Security benefit
at the beginning of 2021 was $1,543. [5,6]
8. Centenarians – in 2020 there were 92,000 of them. By 2060, this number is
expected to increase to 589,000. [7]
9. Seniors age 65 and over spend over 4 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.
Consult With Our Experts Now!
1. Social Security Administration, 2021
2. Genworth.com, 2021
3. The United States Census Bureau, 2020
4. Social Security Administration, 2021
5. Employee Benefit Research Institute, 2021
6. AARP.org, December 23, 2020
7. Statista.com, January 10, 2021
8. U.S. Bureau of Labor Statistics, 2020
About Our Financial Experts
Don Daves
Don is the Founder/CEO of the Diamond Advisor Group. He has over 35 years of experience helping people plan for their future.
Craig Daves
Craig is a Partner of the Diamond Advisor Group. He has an extensive background in Business Management, financial analysis, and retail sales. He started working in the financial services industry in late 1998 and has over 20+ years of experience.
Consult With Our Experts
NC Teachers' & State Employees' Retirement System Handbook
How Tax Loopholes Will Lessen
Your Tax Bills
2022 Annual tax Guide
Retirement Questions for Educators - Answered
4 Critical Social Security Facts
The Pre-retirement Checklist
What You Must Know 5 Years Before Retirement
About Our Financial Experts
Don Daves
Don is the Founder/CEO of the Diamond Advisor Group. He has over 35 years of experience helping people plan for their future.
Craig Daves
Craig is a Partner of the Diamond Advisor Group. He has an extensive background in Business Management, financial analysis, and retail sales. He started working in the financial services industry in late 1998 and has over 20+ years of experience.
Consult With Our Experts
NC Teachers' & State Employees' Retirement System Handbook
Ask Our Experts
Send us an email and we'll get in touch with you.
+1 814-347-8465
Phone Number
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Durham, North Carolina, 27712
thediamondgrp.com
E-mail address
+1 814-347-8465
Phone Number
526 Wanda Ridge Drive
Durham, North Carolina, 27712
thediamondgrp.com
E-mail address
Any Questions? Don't hesitate to connect with us.
Disclaimer
No products are offered on this website. The information contained on this website is for general information and educational purposes only.
Information presented on this website should not be considered a substitute for obtaining accounting, tax, or financial advice from a competent professional. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.
Please note that this website is informational and general in nature and should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing, or selling securities or other financial products or instruments and does not consider your particular investment objectives, financial situation or needs. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code.
The content of this website is based upon reliable source material and is believed to be correct as of the time of creation; however, it is subject to change at any time without warning.
Mutual Funds are sold with a prospectus which can be obtained from your local representative. You should consider the investment objectives, risks, charges, and expenses of the mutual fund product carefully before investing. The prospectus contains this and other information. Please read the information carefully before investing.
Variable annuities are sold with a prospectus which can be obtained from your local representative. You should consider the investment objectives, risks, charges, and expenses of the variable product and its underlying fund options carefully before investing. The prospectus contains this and other information. Please read the information carefully before investing.
Investment Advisory Services are offered through Brookstone Capital Management LLC, (BCM) a Registered Investment Advisor. The Diamond Advisor Group and BCM are independent of each other.
©Copyright |Diamond Advisor Group 2022. All Right Reserved
Any Questions? Don't hesitate to connect with us.
DISCLAIMER
No products are offered on this website. The information contained on this website is for general information and educational purposes only.
Information presented on this website should not be considered a substitute for obtaining accounting, tax, or financial advice from a competent professional. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.
Please note that this website is informational and general in nature and should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing, or selling securities or other financial products or instruments and does not consider your particular investment objectives, financial situation or needs. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code.
The content of this website is based upon reliable source material and is believed to be correct as of the time of creation; however, it is subject to change at any time without warning.
Mutual Funds are sold with a prospectus which can be obtained from your local representative. You should consider the investment objectives, risks, charges, and expenses of the mutual fund product carefully before investing. The prospectus contains this and other information. Please read the information carefully before investing.
Variable annuities are sold with a prospectus which can be obtained from your local representative. You should consider the investment objectives, risks, charges, and expenses of the variable product and its underlying fund options carefully before investing. The prospectus contains this and other information. Please read the information carefully before investing.
Investment Advisory Services are offered through Brookstone Capital Management LLC, (BCM) a Registered Investment Advisor. The Diamond Advisor Group and BCM are independent of each other.
©Copyright |Diamond Advisor Group 2022. All Right Reserved