Start Working at Age 16...Retire at Age 66
Suppose you work 50 years....The following list of "averages" reveals what has transpired for age 66-retirees:
No problem to solve or question to answer....the above data gives enough worry for anyone of any age!
- Alarm clock rang 12,500 mornings
- 2500 feelings of "TGIF"
- 20 job changes
- 2 relocations
- 40% had an office romance
- 45% of these office romances resulted in marriage
- 1.2 years spent commuting to work
- On vacation for 1.4 years
- Out sick for 2 years
- On paid holiday for 285 days
- In 1958, minimum weekly pay was $40 ($217.20 in today's dollars)...while today the median weekly pay for men age 65+ is $686 and for women age 65+ is $534
- Life-time earnings with high school diploma is $1.2 million, with bachelor's degree is $2.1 million, and with medical/law degree is $4.4 million
- 22% have a 401(k), 32% have a company pension, and 25% will rely on social security (with average payment of $1094)
- Average household wealth is $597,926
- And, 54% of the age 66+retirees expect to work after their retirement!
Source: AARP Bulletin, November 2008, p. 39