More People Not Retiring at Age 65

axeman462

Guru
1000 Post Club
2,655
Florida
This could effect the mediacer agents here. expecially those chasing T65

"Thirty-seven percent expect to retire after 65, 32% before 65
Most retired Americans, 67%, report they retired before age 65
Median expected retirement age for nonretirees is 65"

"Nearly four in 10 nonretired Americans, 37%, expect to retire after age 65. This percentage is consistent with recent years, but it is up from 31% in 2009 and nearly three times the 14% who said this in 1995. Thirty-two percent expect to retire before age 65; this is the first time this figure has topped 30% since 2009, but it is still down considerably from the 49% in 1995 who said that they expected to retire before age 65."



pm53sd4yt0qsxxvlxu3n8w.png



Americans Settling on Older Retirement Age
 
But there's such a large number of people reaching this age that even a smaller percentage retiring is a bigger number than the prior generation. And the percentage retiring under 65 is actually on the increase.
 
This could effect the mediacer agents here. expecially those chasing T65

"Thirty-seven percent expect to retire after 65, 32% before 65
Most retired Americans, 67%, report they retired before age 65
Median expected retirement age for nonretirees is 65"

"Nearly four in 10 nonretired Americans, 37%, expect to retire after age 65. This percentage is consistent with recent years, but it is up from 31% in 2009 and nearly three times the 14% who said this in 1995. Thirty-two percent expect to retire before age 65; this is the first time this figure has topped 30% since 2009, but it is still down considerably from the 49% in 1995 who said that they expected to retire before age 65."

Americans Settling on Older Retirement Age

Perfect, when they're ready to retire they will search for Medicare info on the internet first and I'll be there ready for them.
Sman I think your logic is correct for the moment, however as the as the average retirement age increases there will be a break even point were the 65+population curve meets the average retirement age curve. At that point the increase in 65+ population will no longer exceed the number of people retiring 66+.
 
But there's such a large number of people reaching this age that even a smaller percentage retiring is a bigger number than the prior generation. And the percentage retiring under 65 is actually on the increase.





More and more I find that the working medicare eligibles can find a better deal with individual Medicare Health Plans especially if they work for smaller companies - which most Americans do .The combination of EGHP's premiums increasing and higher cost share since ACA is increasing the number of people who drop their EGHP for individual plans.Also many working seniors like the fact that with individual health insurance they have their own health insurance in place relieving the stress of having to keep working just to be covered. It's a great market because if you get one medicare eligible employee of the employer group to see the light they will tell their medicare eligible coworkers.I help many of them with their SEP for Part b which usually makes for very loyal clients too.
 
Many T65's continue to work to 66 because of full retirement benefits that begin at 66 for Boomers.

While it is true that Medicare may be better benefit and lower cost vs group health, the Medicare drug benefit can be a deal breaker when compared to group health.
 
"Medicare benefit can be a deal killer considering the drug benefit".
Kind of a buzzkill for talking to someone who isn't taking many drugs, but should inform them that PDP will have pretty big potential OOP.
For those not on many drugs, the monthly savings on Medicare + supplement could even out any future gap costs worst case.
A known long list of RX definitely should be checked out for cost comps. Thanks for the reminder.
 
Perfect, when they're ready to retire they will search for Medicare info on the internet first and I'll be there ready for them.
Sman I think your logic is correct for the moment, however as the as the average retirement age increases there will be a break even point were the 65+population curve meets the average retirement age curve. At that point the increase in 65+ population will no longer exceed the number of people retiring 66+.

That may be so, but the 65 and over crowd is only increasing. As a matter of fact, that group will increase by 35-40 million people over the next 30 years. The majority of those will go on Medicare at some point. We've all heard the numbers. That baby boomers are turning 65 at the tune of 10,000 per day for the next 15 years. I don't care whether they become a client at 65, 70 or 75. Any of us working the senior market should see an increase in business as long as we are doing things the right way.
 
I have found it difficult, when I call T65 lists, lots of people are working longer and keeping the work insurance. I know that if they took Medicare and a medigap plan they may actually get better coverage but it's hard to get my foot in the door, hard build value and set that appointment.

I have often tried to figure out a way around this or a solution, perhaps of I could just get a different kind of list or maybe just start calling T66 or T67. But in the meantime, probably best to just keep calling what I got.
 
I have found it difficult, when I call T65 lists, lots of people are working longer and keeping the work insurance. I know that if they took Medicare and a medigap plan they may actually get better coverage but it's hard to get my foot in the door, hard build value and set that appointment.

I have often tried to figure out a way around this or a solution, perhaps of I could just get a different kind of list or maybe just start calling T66 or T67. But in the meantime, probably best to just keep calling what I got.

T65's are a tough market for more reasons than what you've listed. Mostly due to the overwhelming number of agents and carriers bombarding them with mail and calls. It's not an impossible market to work, but it is challenging. I would say I write more T65 (or new to Medicare) than anything else, but that is due to it all being referral based.

You might have better success working the 67-75 market. Of course, there's no reason you can't work the T65 along with say the T67 market. See which one gets better results and make adjustments accordingly.
 
T65's are a tough market for more reasons than what you've listed. Mostly due to the overwhelming number of agents and carriers bombarding them with mail and calls. It's not an impossible market to work, but it is challenging. I would say I write more T65 (or new to Medicare) than anything else, but that is due to it all being referral based.

You might have better success working the 67-75 market. Of course, there's no reason you can't work the T65 along with say the T67 market. See which one gets better results and make adjustments accordingly.

I agree with ya on all that. I worked the T65 lists hard from Jan-Mar, and had some good sales come from it, did some DK with them too, but I did have to work it hard. The business I write to the T65 usually stays on the books for a good while, and I can occasionally find some annuity money in those homes. I purchased some leads since March and have had enough success with them that I haven't worked T65 much

I do find it challenging to go from calling leads to go back to making a bunch of dials on a list lol. Now if I could just get myself to work both avenues just as hard, then Id do great!
 
Back
Top