It’s never too early to start thinking about how you want to spend your time — and your money — in retirement. No matter if you’re hoping to retire as early as possible or plan to work until you can’t, having a plan for how you want to spend your senior years turns dreams into reality.
Keep reading to find out the interesting and lesser-known retirement facts that will help you prepare.
1. Social Security Won’t Cover All Your Expenses
Social Security isn’t designed to be your only source of income during your golden years. According to the Social Security Administration, Social Security benefits are only intended to replace about 40 percent of your income from when you were working.
2. Older People Value Older Workers
Baby boomers think that workers ages 50 and older contribute more to the workplace than younger generations in a range of categories. For example, 51% of baby boomers think that older workers are more adept at solving problems, while only 22% of millennials think the same of boomers.
3. Seniors Like Movies
People ages 50 and older make up almost one-third of all trips to the movies in the United States, seeing an average of 6.8 movies per year, but 70% of the time they go before 7 p.m. And, as people get older, they tend to see more: According to AARP, people ages 65 and older see 7.3 movies per year.