782: What Age Do Most People Retire In America? AND Much Poorer But Also Much Richer Too by Sam of Financial Samurai

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Self-improvement, Education, Business

4.5 • 1.3K Ratings

🗓️ 26 February 2019

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

2 short posts from Sam of Financial Samurai where he shares the age most people retire in America and why experiences always win. Episode 782: What Age Do Most People Retire In America? AND Much Poorer But Also Much Richer Too by Sam of Financial Samurai Sam Dogen's net worth took a beating in 2009 as the world was falling apart. He thought it would be a good idea to start a personal finance site to help himself and others make sense of chaos. After all, he had spent 10 years working in the finance industry, got his MBA from Cal, invested and saved aggressively, and still got financially rocked! Since then, more than 20 million visitors have stopped by FinancialSamurai.com. The original posts are located here: https://www.financialsamurai.com/age-people-retire-america/ & https://www.financialsamurai.com/much-poorer-but-also-much-richer/ Please Rate & Review the Show! Visit Me Online at OLDPodcast.com & in The O.L.D. Podcasts Facebook Group! and Join the Ol' Family to get your Free Gifts Thank you to ZipRecruiter for sponsoring! Listeners of O.L.D. can post jobs on ZipRecruiter for FREE! Just go to: ZipRecruiter.com/ofd Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, episode 782, at what age do most people retire in America,
0:07.0	and much poorer but also much richer too.
0:10.2	By Sam of Financial Samurai.com.
0:13.0	Now let's get right to it as we start optimizing your life.
0:17.0	At what age do most people retire in America by Sam of Financial samurai.com
0:27.0	given that many Americans are in a difficult financial situation with only
0:31.0	$17,000 in retirement savings for those between the age of 56 and 61,
0:36.0	according to the Economic Policy Institute,
0:38.5	you'd think most Americans are never going to retire.
0:41.5	The reality, however, is 69% of Americans are out of the full-time
0:45.5	workforce by age 66, and roughly 51% hang up their boots between the ages of 61 and 65. That's according to Limra, the Life Insurance and
0:54.8	and Market Research Association.
0:56.7	By age 75, 89% of Americans have left the labor force.
1:00.9	It surprises me that less than 1% of Americans retire before age 50.
1:05.0	With the way that the Financial Independence retire early or fire movement has taken off,
1:10.0	as well as the rise of freelance work, you'd think the percentage would be higher.
1:14.8	How are retirees able to survive?
1:17.6	Limra estimates that the average American household has about $253,200, but most of that is owned by the wealthy.
1:25.0	The median holding is just $17,500, which matches up well with the Economic Policy
1:31.4	Institute's estimate of $ 17,000 from 2013.
1:35.0	75% of Americans have less than $100,000 saved.
1:39.0	The reason why most Americans are able to retire by 66, despite so little wealth, is due to Social
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