According to a United Income report, current retirees are healthier, wealthier, and living longer than any previous generation. The report shows why the average life expectancy of 60-year olds increased by 58 percent since 1900? 62 percent of retirees are without physical or cognitive limitations which is an increase of over 25 percent since 1963, the first year the data was recorded. These statistics, should they continue, offer more hope to soon to be and current retirees than generations past.
Matt Fellowes, CEO of United Income discussed with Fox Business how retirees can continue to enjoy long lasting, healthy and wealthy retirements. .
Boomer: Your report shows current retirees are healthier, wealthier and living longer than any previous generation. How and where are they using that additional vigor, money and time?
Fellowes: They are using their extra wealth by staying put in the homes and communities that they lived in as workers rather than fleeing for low-cost areas of the country that attracted previous generations of retirees. Surprisingly, they have not increased their income in retirement nearly as much, though. While average wealth has increased by over 100 percent, the average income of retirees has increased by 50 percent, indicating that this generation of retirees is stockpiling more wealth for longer periods of time compared to previous generations.
California boasts the largest number of retirees out of any state, now accounting for more than one of every 10 retirees. Florida, Texas, New York, and Pennsylvania round out the rest of the top-5 most popular states among retirees, jointly accounting for more than one out of every three retirees.