Retirement has a different meaning for all parties. For some, retirement is a time to travel and spend time with family members. For others, it’s a fresh start for a new business or starting charitable endeavors. Regardless of how you decide to spend your retirement, here are 5 facts you should know about retiring:

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1. Many consider the standard retirement age to be 65. This number serves as a benchmark, but in some cases people have retired sooner (or later) based on preparation.

2. People aged 65 and older accounted for 15% of the population in the U.S in 2018. By 2060, that number is expected to go up to 25% of the American population.

3. In a study conducted by CNBC, surveys reveal that Sixty-seven percent of Americans say that they will outlive their retirement savings.  https://www.cnbc.com/2018/05/11/how-many-americans-have-no-retirement-savings.html

4. Most people believe that they cannot access their retirement funds penalty free until age 59. However, in many cases there is a little-known option that will allow access as early as 55.

5. Planning for medical care is crucial in regards to retirement planning. Did  you know that citizens aged 65 and older account for 34% of all prescription medication use?

6. In 2019, fifty-nine percent of retirees were solely dependent on Social Security as their major source of income. It’s even more shocking when you find out that the average monthly Social Security check was $1,461.