Enriching Lives As We Age

Baby Boomer Retirement Trends

Planning ahead for your future? Check out some retirement trends reported by a new Census Bureau report:

  • “There are 11 states with more than a million people age 65 and older, led by California with some 4.3 million. The states with the highest percentages of people age 65 and older are Florida, West Virginia, Maine and Pennsylvania. The states with the lowest proportions of senior citizens are Alaska, Utah and Texas.

The average income for those between ages 65 and 69 is $37,200, but drops to a little less than $20,000 for those over age 80. The main sources of income for people over 65 are Social Security (37 percent), income from working (30 percent), pensions (19 percent) and savings and investments (11 percent). Younger retirees derive more income from working and investments, while older retirees rely more on Social Security.

The poverty rate for people age 65 and older is lower than any other age group. And the percentage of people 65 an older who own their own home has remained steady since before the great recession at 81 percent, while the percentage of people under 35 owning their own home has dropped from 43 percent in 2006 to about 37 percent today.”

Peninsula Volunteers is dedicated to helping you find a enjoyable lifestyle during your golden years. With affordable living and a family-like environment, we can assure you that we provide the best services in Menlo Park. To read more statistics like these, click 12 Baby Boomer Retirement Trends posted by U.S. News.

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