16 January Retirement Facts - Part 2 January 16, 2020 By Editor Industry News LIMRA, retirement, seniors 0 We’re here with Part 2 of our Retirement Facts series. This week, we’re focusing on some demographics of retirement – marital status, age groups, and wealth segments. For the purposes of these studies, the LIMRA Secure Retirement Institute defined “Single” as widowed, divorced, or never married, and the age of Married households is based on age of the oldest spouse. Overview: Retired Households Nearly 126 million households were surveyed in 2016. 34.7 million (28%) of the total households surveyed were partially/fully retired. 19.2 million (16%) were married households, 5.3 million (4%) were single men, and 10.1 million (8%) were single women. Average Assets by Marital Status Married households - $803,999 in average assets Single men - $333,241 in average assets Single women - $229,696 in average assets Breaking these three groups down by age group: Top 3 Age Groups with the Most in Average Assets by Martial Status Married Households Single Men Single Women Age Group Average Assets Age Group Average Assets Age Group Average Assets 55 to 64 $ 806,550 75 or older $ 504,031 65 to 74 $ 260,168 75 or older $ 802,034 55 to 64 $ 324,581 75 or older $ 206,402 65 to 74 $ 782,975 65 to 74 $ 292,806 55 to 64 $ 104,651 The asset differences between the top 3 married household age groups is relatively small, with only $23,575 between the 55 to 65 and 65 to 74 age groups. The asset differences between the single men age groups is by far the largest, with $211,225 between the 75 or older and 65 to 74 age groups. The asset differences between the single women age groups are also fairly large, with $155,517 between the 65 to 74 and 55 to 64 age groups. Financial Products 95% of married households, 89% of single men, and 88% of single women own cash/cash equivalents. Retirement/pension accounts are the second leading financial product. 62% of married households, 38% of single men, and 39% of single women own retirement/pension plans. Deferred annuities are the least owned financial product. 4% of married households own them, 2% of single men own them, and 4% of single women own them. Partially/Fully Retired Married, Single Men, and Single Women Households The study defined 6 wealth segments by assets: Low-net-worth: Under 100k Middle-market: $100k to $249k Mass-affluent: $250k to $499k Affluent: $500k to $999k High-net-worth: $1.0 million to $3.49 million Mega-millionaire: $3.5 million or more Across all three groups, the majority of households fell into the low-net-worth category. We'll cover the statistics for low-net-worth, middle-market, and mega-millionaire. Married Households Approximately 19.2 million married households were partially/fully retired in 2016. 9 million of those households (13%) were considered low-net-worth. 2.9 million (4%) were considered middle-market. 909,165 households (1%) were considered mega-millionaires. Single Men Approximately 5.3 million single men were partially/fully retired in 2016. 3.6 million (17%) were considered low-net-worth. 901,214 single men (4%) were considered middle-market. 91,610 single men (0%) were considered mega-millionaires. Single Women Approximately 10.1 million single women were partially/fully retired in 2016. 6.8 million (20%) of those single women were considered low-net-worth. 1.4 million (4%) were considered middle-market. 72,409 women (0%) were considered mega-millionaires. Check out our previous retirement centered posts: The Case for Unretirement The SECURE Act of 2019 Retirement Facts – Part 1 Related Posts Retirement Facts - Part 4 We're finishing up our series with Retirement Facts Par 4 on the LIMRA Secure Retirement Institute's 2019 Fact Book on Retirement. Learn about the smallest and richest reported wealth segment - mega-millionaires. Retirement Facts - Part 3 Here's part 3 of our Retirement Facts series. This week we're covering the largest reported wealth segment - low-net-worth, assets under $100,000. Retirement Facts - Part 1 We're looking at the facts and figures of retirement in this first post of our Retirement Facts series. Unpacking Medicare Supplement: Part 2 Maggie continues her quest to learn more about healthcare at age 65 and beyond. In Part 2 of our blog series, she discovers the myriad of details that make up this supplemental insurance. Aspects of Annuities, Part 2: Our Products and The Pursuit of New Heights With a host of details and a brief tale, this second part in the annuities series expands on what our annuities products offer and reemphasizes the importance of planning. Here we focus on how Multi-Year Guarantee Annuities (MYGAs) and Fixed Index Annuities (FIAs) contribute to a strong retirement portfolio and financial future. The Case for Unretirement The retirement age has increased in the last decade, and people are even coming out of retirement. Here are some reasons people consider "Unretirement." Comments are closed.