The first phase of the Thriving Retirement project demonstrates that in order for an older adult to thrive, rather than just get by, an individual needs to meet their basic living expenses, social needs, maintain connections to community and family – all while also managing day-to-day health expenses and preparing for sudden changes in health or life circumstances.
In the second phase of the project, we estimated the cost of meeting these needs. We determined that an older adult between the ages of 65-74, living independently, without any significant limitations to daily living, would need approximately $33,000 (after tax). For a couple, we calculated the after-tax cost to be approximately $48,000 annually.
In this piece, we will determine the proportion of people whose income is below the Thriving Retirement income. Our goal is to highlight disparities in current retirement income levels that may have implications for health and well-being, and point to promising directions. Read the full report below.