9 Facts About Retirement for Ernst & Young Employees

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'Ernst & Young employees have to be aware of the changing retirement landscape and adjust their strategies to ensure financial security into old age,' says Tyson Mavar, of The Retirement Group, a division of Wealth Enhancement Group. Planning ahead and getting professional help may also improve your retirement readiness, 'she said.

As the demographic shift increases the number of retirees, Ernst & Young employees need to plan for the future, 'says Wesley Boudreaux of The Retirement Group, a division of Wealth Enhancement Group. Stepping up now will help secure an enjoyable retirement, 'she said.

In this article we will discuss:

1. The idea of retirement age: Perception and Reality. Find out how standard retirement age is perceived among Ernst & Young personnel and its history.

2. Demographic Shifts & Their Impacts: Look at major demographic changes as baby boomers enter retirement age and the growing share of the population they represent.

3. Retirement Financial and Health Considerations: Talk about retirement readiness, dependency on Social Security and health stats affecting lifestyle choices.

For Ernst & Young personnel, retirement has many meanings. Others will travel and visit relatives. Some will see it as a time to start a new business or a charitable endeavor. But whatever your plan is, nine things about retirement might surprise you.

Some in Ernst & Young consider 65 the standard retirement age. Key influencers on that age were Germany, which set its retirement age at 70 and lowered it to 65.

Between now and the end of next decade, another 10,000 baby boomers will turn 65 every day. About one person every 8 seconds.

People over 65 are expected to make up more than one in four Americans by 2060.

Social Security was first earned by Ernest Ackerman. The Cleveland streetcar motorman received a 17¢ lump-sum payment in March 1937. Ackerman worked 1 day on Social Security. He earned USD 5 for the day and paid a nickel in payroll taxes. His lump-sum payout was 3.5% of wages.

67 percent of retirees say they feel confident they can live comfortably in retirement. Ernst & Young companies should recognize that statistic and plan for retirement.

And people over 65 account for 34% of all prescription and 30% of all over the counter medication use.

About nine out of 10 adults over age 65 say they have taken at least one prescription drug in the last 30 days.

59 percent of Ernst & Young retirees relied on Social Security for major income. The average monthly Social Security benefit in January 2019 was USD 1,461. Centenarians - in 1980 there were 32,000 of them. Today we have more than 86,248 people, 79% of them women.

Over 4 hours a day are spent watching TV among seniors over age 65.

Ernst & Young employees might ponder why these statistics and trends point to one conclusion: the 65 and older age group will grow in size and influence in the future. Have you arranged health care? Are you confident with your investments? In the event you are unsure of your options, you may need to craft a solid future strategy.

Articles you may find interesting:

Sources:

1. Soldofsky, Robert M. 'On Determining the Optimal Retirement Age.'  JSTOR , vol. 72, no. 4, July-Aug. 1986, pp. 17-21. JSTOR,  www.jstor.org/stable/40251322 .

2. Soniak, Matt. 'Why is the Retirement Age 65?'  Mental Floss , 7 Jan. 2015,  www.mentalfloss.com/article/60958/why-retirement-age-65 .

3. 'German Pension Entitlements & Retirement Age.'  Welcome Center Germany ,  www.welcome-center-germany.com/german-pension-entitlements-and-retirement-age/ .

4. Börsch-Supan, Axel, et al. 'They Will Definitely Need Us, When We Are 64: Old-Age Provision in Germany.'  Intereconomics , vol. 54, no. 3, May-June 2019, pp. 170-174.  Intereconomics ,  www.intereconomics.eu/contents/year/2019/number/3/article/they-will-definitely-need-us-when-we-are-64-old-age-provision-in-germany.html .

5. 'Germany Faces Challenges as Population Ages.'  The Local , 23 Sept. 2020,  www.thelocal.de/20200923/germany-faces-challenges-as-population-ages .