It’s never too late to plan how you want to spend your time and money. Retirement offers opportunities to individuals who have spent years working. Below are some interesting facts about seniors in general.
Seniors make up the second-highest proportion of the population in Pennsylvania.
Florida’s reputation makes it no surprise that 17.3% of the state’s population is over 65, according to the most recent 2010 census. You might be surprised by the following: Pennsylvania at 15.4% and West Virginia at 16%.
Many seniors live on their own
About one in three seniors who aren’t in nursing homes live alone, with older women almost twice as likely as older men. Nearly one in two senior women over the age of 75 live alone as they get older.
Most retirees believe they have plenty of time left to live.
The fact that someone is retired does not mean they will die soon. Among baby boomers surveyed by the Transamerica Center for Retirement Studies, 21% expected to live between 90 and 99 years old, and another 10% expected to live to 100 years old.
Seniors can get free tax help from the IRS.
The IRS offers free tax assistance for people ages 60 and older through a special program called Tax Counseling for the Elderly. It is possible to get answers to questions, and some programs can even prepare your tax return.
Seniors Think Green
More than 70% of people ages 50 and older recycle regularly, and more than 70% use energy-efficient bulbs. About a third buy locally grown food, but only about 2% own a hybrid vehicle.
Student loans may still need to be paid off by retirees.
In retirement, you may have to deal with student loans. Between 2012 and 2017, every state saw an increase of at least 20% in the number of older student loan borrowers. Older students are defined as those 60 and older. During the same period, the number increased by 46% or more in more than half of the states.
Retirees often sell their businesses when they retire.
According to the Survey of Consumer Finance, business ownership is at 17.3% among 45-54-year-olds and 55-64-year-olds, the highest among all age groups. Among those ages 65 to 74, the percentage drops to 13.3%, and among those ages 75 and older, it drops even further to 8.5%.
Retirees are most concerned about the cost of living.
A baby boomer’s biggest concern is affordability when it comes to choosing where to live. It was cited by 80% of baby boomers as being a significant factor by the Transamerica Center for Retirement Studies. Proximity to family and friends was the second-most frequently selected very important factor.
Retirees may still owe mortgages.
According to the Survey of Consumer Finance, over 35% of people ages 65 to 74 are still paying off mortgages. Among respondents 75 and older, less than one in four is still paying off a mortgage.
Continuing Education Isn’t That Important
For baby boomers, where to live doesn’t much depend on whether or not they’ll go back to school or take classes. Based on the Retirement Studies done by the Transamerica Center, only 7% of baby boomers said access to continuing education was a very important factor in deciding where to live.
Retirement Doesn’t Mean “Old”
According to the Retirement Studies, 17% of Baby Boomers consider someone “old” between 70 and 79, and 15% say between 80 and 89. 52% of respondents, however, said it depends on the individual.
Retirees aren’t giving up keys.
As people, age, car ownership statistics don’t decline much. Regarding car ownership, 89.1% of people ages 45 to 54 own one, 86.1% of people ages 55 to 64 own one, and 86.8% of people ages 65 to 74 own one, before 82.2% of people ages 75 and older own one. While retirees might not drive their cars as much – or at all – they still own them.
Roth IRAs are still a great way for retirees to save
You can still participate in some retirement plans even if you quit your day job. If you have taxable compensation, such as income from a side job or self-employment, you may contribute to a traditional IRA until you turn 70 1/2.
Contributing to a Roth IRA is not limited by age, but there are limits on how much you can contribute.
Eventually, credit card debt decreases.
42.1% of people aged 65 to 74 have credit card debt, slightly higher than 41.4% of those aged 55 to 64. Over a quarter of those 75 and older are in debt on their credit cards.