Retirement Facts To Know
The average American retires between the ages of 62 to 65.
25% of Americans have no retirement savings.
The average American spends $3,800 a month in retirement.
The average American only has $65,000 saved for retirement.
The average Social Security benefit has been between $1,550-$1,681 the past two years.
The average Social Security benefit will rise 8.7% to $1,827 in 2023. This is due to a Cost of Living Adjustment (COLA) in order to keep pace with inflation.
The standard Medicare Part B payment is $170.10. The Medicare Part B premium payment will decrease to $164.90 in 2023.
Retirement Resources Available
SNAP (Supplemental Nutrition Assistance Program)
You can get up to $250 a month usable at grocery stores, farmers markets, and online stores.
Medicare Savings Plans
- Qualified Medicare Beneficiary Program
- Specified Low Income Medicare Beneficiary Program
- Qualifying Individual Program
- Qualified Disabled Program
The Medicare Savings Plans will pay for premiums, deductibles, and copays.
Patient Advocate Foundation Copay Relief
Helps with pharmaceutical drugs, copay, premiums, deductibles.
Medicare Part D Extra Help
Medicare Prescription D Drug Costs
National Council On Aging
You can determine your eligibility for all benefits based on your income and zip code.
Retirement Steps to Take:
- Evaluate your Social Security benefits. It is highly unlikely that Social Security will provide enough income to meet all of your retirement needs. A well-funded 401k plan along with Social Security can however provide enough income for a comfortable retirement.
- If you are only investing 5 to 6% of your income then you are not investing enough. You need to increase your retirement contribution as you near retirement age. Individuals nearing retirement should aim to invest as much as 35% of their income.
- Pay down all of your existing debts before retiring. This includes credit cards, cars and your primary residence. You do not need to pay off your home, if you plan on downsizing by moving to an apartment or senior facility.
Retirement Questions To Consider:
- What type of lifestyle do I plan to live in retirement?
- What standard of living am I accustomed to?
- How much yearly income is feasible to generate for retirement at my age?
- What investments are in my retirement plan?
- Am I on track to reach my financial goals?
- How will I supplement my income in retirement?
- Can I afford to retire?
