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 and then lowered it to age 651
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 eight seconds2
3. The 65-and-older population is one of the fastest-growing demographics in the United States. In 2022, there were 58 million Americans aged 65 and older. That number is expected to increase to 82 million by 20503
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 wages4
5. Seventy-eight percent of retirees say they are confident about having enough money to live comfortably throughout their retirement years5
6. The monthly median cost of an assisted living facility is around $6,000, and seven out of ten people will require extended care in their lifetime2
7. Sixty-six percent of retirees depend on Social Security as a major source of their income. The average monthly Social Security retirement benefit as of January 2025 was $1,90765,6
8. Centenarians – there are 108,000 of them as of 2024. By 2053, this number is expected to increase to 513,0007
9. Seniors aged 65 and over spend over four hours a day, on average, watching TV8
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.
- SSA.gov, 2025
- Genworth.com, 2025
- PRB.org, January 9, 2024
- Social Security Administration, 2025
- EBRI.org, 2025
- SSA.gov, 2025
- PewResearch.org, January 9, 2024
- BLS.gov, 2025
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2026 FMG Suite.
Helpful Tools for Retirement Savings
Check out our helpful Investment Services web page for more information!
Still have questions?
LPL Financial Form CRS
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Community First Credit Union and Community First Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Community First Investment Services, and are employees of LPL. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Community First Credit Union or Community First Investment Services Securities and insurance offered through LPL or its affiliates are:
| NOT INSURED BY NCUA OR ANY OTHER GOVERNMENT AGENCY | NOT CREDIT UNION GUARANTEED | NOT CREDIT UNION DEPOSITS OR OBLIGATIONS | MAY LOSE VALUE |
Your Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.
The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
