People over 65 are either dead or broke dead
A myth spread by many IBOs, on and off stage. I heard it may times. Scott Larsen of Amquix.info has published this research
Myth: According to the American Bankers association 95% of all people retiring at 65 are either dead are broke.
Truth: Many lines of sponsorship want to scare the prospects with the "retirement statistics". Many groups have repeated the line above and World Wide Dream Builders puts something similar in their "private franchising" brochure. They state that according to the Social Security Administration, people reaching age 65:
23% still working
30% dependent on charity
45% financially dependent on relatives
2% are financially independent
The source of the "American Bankers" statement above had alluded me. This topic came up on the QuixtarNow Blog with a link to a January 30, 1935 article from the Senate Finance Committee where the actual basis for this claim can now be found. Interesting is that the statement was made even before the Social Security Act was signed into law in August of 1935. It seems unethical to me that these Amway organizations would continue to quote an 80+ year old survey in light of the fact that many things have changed to improve the incomes of retirees. Since the article was written in 1935 such things as Social Security, corporate pensions, 401K plans, IRA's, Roth IRA's and annuities have improved retirees' incomes significantly.
Data from the IRS suggest that this common myth of Amway and Quixtar distributors is very untrue 80+ years later. The data show that 50% of all retires have incomes greater than $20,000, and 20% have incomes greater than $40,000. About 5% had incomes over $100,000/per year. If any income under $100,000/year classifies you as "broke", then the distributors' claims are true.