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71% of Americans 70-plus are worried their Social Security will run out.

The average life expectancy for a woman turning age 65 in 2020 is age 87.

The average life expectancy for a man turning age 65 in 2020 is age 84.

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The average couple will need an estimated $285,000 for medical expenses in retirement (excluding long-term care).

  • 42% of people are concerned about outliving their assets.

  • Two out of three retirees say their most recent employers didn’t help them transition into retirement.

  • One-third of retirees (34%) use a professional financial advisor.

  • The average retiree spends $4,300 out-of-pocket annually for health care expenses.

  • Roughly half of retirees die with less than $10,000 remaining in their retirement accounts.

A 2012 paper for the National Bureau of Economic Research found 46.1% of older adults died with less than $10,000 in financial assets.

SOURCES

Source for Statistics "17 Retirement Statistics You Should Know in 2021" appeared first on "MagnifyMoney."