American retirees are healthier and wealthier than ever. But wiser? A new report throws a little doubt on that notion.
Money manager United Income analyzed data from sources, including the Federal Reserve Board, the U.S. Bureau of Labor Statistics, the Census Bureau, the Internal Revenue Service, and the Centers for Disease Control, to examine the changing the lives of American retirees.
One of every six retirees in the U.S. is a millionaire (if you include the value of their homes), according to the new report. Their average wealth has risen more than 100 percent since 1989, to $752,000, and the share of those who are millionaires has doubled.
More retirees—62 percent—are enjoying life without physical or cognitive limitations, according to the data. That number is up from 49 percent in 1963, the first year such data was taken.
Not all the findings were positive, however. “The largest change in activity is a near doubling of the amount of time retirees watch TV over the past 40 years,” the report noted. (The latest data is for 2012.) The average retired 60-year-old now watches television almost three hours every day. The increases were largest in high-income, highly educated households, which experienced a 78 percent rise in couch time since 1975, versus 43 percent for lower-income households.
Retirees may not be learning much from their viewing habits, the report suggests. It cited 2016 Pew Research Center data showing that more than 55 percent of households older than age 65 watch cable news programs, and it noted that “one multi-country study found that public broadcast news (such as PBS) increased political knowledge, while cable news actually reduced knowledge that people have about actual events.”