24 Fascinating Facts About Retirement

2020 was a rough year financially for Americans.  More Americans needed to withdraw from their retirement accounts to make ends meet than previously recorded. 

Congress passed measures such as the Setting Every Community Up for Retirement Enhancement (SECURE) Act but it has already been deemed inadequate and in need of expansion. 

Here are 24 things you need to know about retirement savings in 2021 so that you can better prepare for your future.   

According to a survey of 1,000 workers on retirement savings by Real Estate Witch, 35% of Americans dipped into retirement savings to make ends meet during the pandemic. They also reported spending 44% of their retirement savings on average. 

Americans dipped into their retirement savings during the pandemic

When the pandemic struck, the stock markets went array and took a major dip. During the crash, the average American sold 43% of their stocks. 

Americans sold lots of their stocks last year 

Nearly three-quarters of Americans plan to keep working after retirement.  Many Americans do not have enough money saved for retirement and plan to continue working to make up the difference.

Nearly 3 out of 4 Americans plan to work after retirement

Both cost of living and life spans have been increasing. Therefore, it’s not surprising that workers think they will need $1 million to retire. However, most people only have a fraction of that saved. 

One-third of workers say they’ll need $1 million to retire