Broker Check
Stas Politis, CPFA®
Stas Politis, CPFA®
Upward Wealth Group, LLC Employer-Sponsored Plan Advisor & Investment Representative
https://www.upwardwealthgroup.com (561) 345-3992

At Upward Wealth Group, we understand the critical role of employer-sponsored plans in talent retention and employee financial well-being. By reducing financial stress, these plans foster a healthier work environment and enhance productivity and performance. With our tailored approach, we ensure that your company's retirement plan is not just effective but also aligned with your organizational goals.

Our services cater to a diverse clientele, including self-employed professionals, entrepreneurs, business owners, and executives/trustees seeking to optimize their retirement savings. With decades of experience and a commitment to personalized solutions, we specialize in crafting employer-sponsored retirement plans that suit your specific requirements. Whether you prefer a straightforward, easy-to-administer plan or a more intricate one tailored to your unique circumstances, we've got you covered.

Given their substantial contribution to our retirement nest eggs, we recognize the significance of 401(k) plans in retirement planning. It's essential to synchronize all your savings and investments inside and outside employer-sponsored retirement plans to maximize their combined potential in achieving your retirement objectives. By harmonizing these elements, we can build a comprehensive portfolio that works synergistically toward securing your financial future.

Let's collaborate to design a retirement plan that meets regulatory requirements, empowers your employees, and positions your business for long-term success. Reach out to us today to embark on this journey toward financial security and prosperity.

9 Facts About Retirement

Retirement Read Time: 3 min

Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you.

  1. Many consider the standard retirement age to be 65. One of the key influencers in arriving at that age was Germany, which initially set its retirement age at 70 and then lowered it to age 65.1
  2. Every day between now and the end of the next decade, another 10,000 baby boomers are expected to turn 65. That’s roughly one person every eight seconds.2
  3. The 65-and-older population is one of the fastest-growing demographics in the United States. In 2022, there were 58 million Americans aged 65 and older. That number is expected to increase to 82 million by 2050.3
  4. Ernest Ackerman was the first person to receive a Social Security benefit. In March 1937, the Cleveland streetcar motorman received a one-time, lump-sum payment of 17¢. Ackerman worked one day under Social Security. He earned $5 for the day and paid a nickel in payroll taxes. His lump-sum payout was equal to 3.5% of his wages.4
  5. Seventy-three percent of retirees say they are confident about having enough money to live comfortably throughout their retirement years.5
  6. The monthly median cost of an assisted living facility is nearly $5,000, and seven out of ten people will require extended care in their lifetime.2
  7. Sixty-four percent of retirees depend on Social Security as a major source of their income. The average monthly Social Security retirement benefit as of January 2024 was $1,907.5,6
  8. Centenarians – there are 108,000 of them as of 2024. By 2053, this number is expected to increase to 513,000.7
  9. Seniors aged 65 and over spend over four hours a day, on average, watching TV.8

Conclusion

Nest with egg

These stats and trends point to one conclusion: The 65-and-older age group is expected to become larger and more influential in the future. Have you made arrangements for health care? Are you comfortable with your investment decisions? If you are unsure about your decisions, maybe it’s time to develop a solid strategy for the future.

1. SSA.gov, 2024
2. Genworth.com, 2024
3. PRB.org, 2024
4. Social Security Administration, 2024
5. EBRI.org, 2023
6. SSA.gov, 2024
7. PewResearch.org, January 9, 2024
8. BLS.gov, 2024

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

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