How Many People Are Financially Independent During Retirement?
Most people want to be financially independent during their retirement years. Government statistics, however, tell a different story.
According to the Social Security Administration, of people age 65 and older:
- 39.6% have incomes under $20,000
- 28.2% have incomes from $20,000 to $40,000
- 18.9% have incomes from $40,000 to $75,000
- Only 13.3% have incomes in excess of $75,000
Source: Social Social Administration, Office of Policy, Income of the Population 55 or Older, 2010, released March 2012
Which group will you be in?
The secret to financial independence at retirement is to commit to a plan today, while you’re working and earning an income, a portion of which can be saved for your future financial security!