Vol 6 Issue 2   April 2017
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Retirement by the numbers: See what adds up

 

We all know saving for retirement matters, but many of us aren't sure how to go about it. Fortunately, you can take one simple step right now to help make sure you're prepared. If youíre like many of us, Social Security may not cover all of your retirement needs. And with people living longer these days, our savings may need to last longer, too. Thatís why saving as much as possible before retirement has become even more essential.

If youíre employer offers a retirement plan, you have a prime opportunity to make up the difference between what Social Security will cover and what you need to retire comfortably.

Retirement by the numbers

For most of us, Social Security will only provide about 40% of our retirement needs. But if your company offers a retirement plan, you've got an inside track on making up the difference. Let's take a look at the numbers.

Life expectancy is on the rise

This means your savings may need to last longer than previous generations, so careful retirement planning is key.

Average life expectancy for men: 83 years

Average life expectancy for women: 86 years

Save where you work

An easy way to prepare for retirement is by taking advantage of your employer's sponsored retirement plan and any match programs they have

74% of companies offer plans

Everybody's doing it

The majority of people who work for companies that offer retirement plans take advantage of them

89% people participate

 

It's never too early to get started

People tend  to save more for retirement with age

21-24 year old: 79% participation

25-34 year old: participation

35-44 year old: 91% participation

45-54 year old: 92% participation

55-64 year old: 93% participation

Source: 

Employment-Based Retirement Plan Participation: Geographic Differences and Trends, October 2014, EBRI.org

Life expectancy at birth, at age 65, and at age 75, 2013; CDC

Understanding the Benefits, SSA.gov, http:www.ssa.gov/pubs/EN-05-10024.pdf


 


 
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