Question: What is the Retirement Income situation for the current generation of Seniors?
Answer: It varies widely – much in the news has been the large number of Seniors facing or in retirement without enough savings or retirement income – we hope to provide a group forum here to address that as a community.
However, there is a good population of Seniors in good shape – it can always improve of course.
The “good news” is, the 55+ market is the largest, best-educated and wealthiest generation in US history.
SENIORS ENJOY LUXURY TRAVEL
• Travel ranks among the top leisure activities for men and women over 50. We spend over $30 billion a year on vacation travel.
• Mature vacationers travel more frequently than any other age group, stay longer, and go farthest.
• We account for more than 72 percent of all RV trips, and 70 percent of cruise passengers.
• Seniors spend 74 percent more on a typical vacation than 18- to 49-year-olds.
• Seniors account for 80% of all luxury travel
SENIORS INDULGE THEIR GRANDCHILDREN
• Seniors account for fully one in four of all toy sales. And there’s a new grandchild born every 20 seconds.
SENIORS BUY NEW, LUXURY CARS
• We buy 48% of luxury cars, 41% of all new cars and trucks.
SENIORS BUY 3/4 OF ALL PRESCRIPTION DRUGS
• Seniors account for 74% of prescription drug sales and 51% of over-the counter drug sales.
SENIORS LOVE TO GAMBLE
• Seniors like to gamble and are willing to travel to play.
SENIORS LOVE THE INTERNET
• Some Seniors spend more time online than even teenagers. We spent $7 billion online during 2008.
SENIORS HAVE MORE MONEY THAN GOD
• Seventy-five percent of all US wealth is in the hands of customers aged 50 +. We control $900 billion in discretionary income and account for fully half of all U.S. discretionary spending. Some 5 million seniors (14 percent) are employed.
• Seniors have an income per capita that is 26% higher than the national average – including retirement income.
• Senior market is larger than African-American and Hispanic market segments combined.
• Eighty percent of Americans 65 and older own their own homes.
SENIORS VALUE RETIREMENT INCOME AS THE NUMBER ONE WAY TO ENJOY THIS PART OF LIFE
— Source: Wall Street Journal, OnMagazine.com and Fidelity Research Institute