Life Expectancy
According to a 2008, United States Census Bureau report, since 1970, life expectancy had increased from 67 to 75 years for males; and from 75 to 81 years for females. The report stated that by 2020, the average life expectancies for males and females were projected to increase to 77 and 82, respectively.
Average Disposable Income
The United States Census Bureau reported that, in 2009, the average disposable income for adults in the Dallas, Texas area, between the ages of 45 and 64, ranged between $122,704 and $131,803. In 2010, the average disposable income for adults in the Fort Worth area between the ages of 45 and 64 was approximately $71,671 to $72,600.
Information on the “Sandwich Generation”
The “sandwich generation” consists of people, typically between the ages of 40 and 59, who are caring for aging parents while also supporting their own children. Almost half (47%) of adults between the ages of 40 and 50 have a parent over the age of 65 and are either raising young children or financially assisting a grown child. Approximately 15% of adults between 40 and 50 are financially supporting both a parent and a child.
Only 28% of adults surveyed who were taking care of both a parent and at least one child described their financial situation as “living comfortably” compared to 41% of adults not financially supporting either parent. Adults with higher incomes are more likely to fall into the “sandwich generation.” Approximately 43% of adults with incomes of over $100,000 are financially supporting a parent and a dependent child. Married adults are also more likely to fall into this category.
Source: Pew Research Center and the United States Census Bureau
Retirement Cost Statistics
According to the Employee Benefit Research Institute, the average couple around the ages of 60-65 will have a 50% chance that $163,000 will cover health care needs, and a 90% chance that $240,000 will be enough for health care needs (not including Long-Term Care.) Other retirement costs are dependent upon the starting age of retirement, cost of living during retirement, and other factors.