Considering that I am only three years away from retirement, it becomes challenging for me to solely concentrate on the long-term perspective. Despite having invested in reputable companies and having a significant amount of funds allocated, my profits have been stagnant. This situation raises the question: Does the current recession and unstable market offer any calculated risk opportunities for generating profits?...
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.....
I pulled the trigger and retired in August at the age of 61. I was a federal employee with 18 years of federal service and younger than 62. Because of that, I took a penalty on my pension of 1.3%. In my case, that came out to $17.50 per month I looked at my expenses, and I paid more than that each week for parking alone. More importantly, my mental health is much more valuable to me than the ~$200 per year.
It depends on how you live and what you're used to. All the guys in my group have large retirement incomes - they own buildings, they have big stock portfolios, they draw nice pensions. However, I agree these incomes are pretty pitiful.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!
Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@tubenachos Disagree. I live in IN and except for pockets like Gary, decent jobs are plentiful. Not minimum wage, ones paying at least 15-30k/yr in low end jobs. Mid range factory jobs pay in the 18-25 dollar/hour range and one local company seems to continuously have a sign advertising jobs available starting at over $20/hour. There are also a lot of biotech jobs here - line workers there make $60-80,000/year. There are lots of "millionaire next door" types around here. Thanks to the low cost of living the net income after expenses can be higher than states with much higher wages..
$143k per year for us (my pension at 58 and both our SS at 62). Azul’s numbers must be taxable income which would not include much of Social Security for most.
Much like DC is an outlier, I think these numbers don’t tell a particularly strong story as there can be best differences between retirees who choose to live in a city, and those who choose to live in a rural area. Florida might show as 30,000, Miami, maybe much closer to 40. And Ocala maybe closer to 20. It’s really going to depend on the locality, not the state as a whole.
Thank you Azul for all of this data. This is indeed very sobering especially given the ridiculous rise in prices of essentials like groceries and utilities, rents and RE taxes. You would also wonder as to what kind of emergency funds folks have when the average annual incomes are so low. And Medicare sounds good on paper but we know that Medicare coverage almost always needs to be supplemented with additional health insurance. These are quite depressing numbers especially for folks who have put in decades of hard work in their working years.
stop being lazy and do some research on your own. The data is derived from US census bureau, which specifies retirement income derived from six different types of income: social security, supplementary security income (SSI), pensions and retirement accounts, property income, earnings, and other income.
Awesome! I appreciate your viewpoint. I currently earn $600k per year. I have no home or investments, and my job is in New York because I work from home. I need to act quickly or else I'll owe the IRS thousands of dollars come tax season. What should I do?
To better understand the factors that could affect your finances as a beginner. To make the best decision, speak with a financial professional. They have a wealth of information regarding both current events and upcoming developments.
It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.
very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
If the median household income in the US is $75,000 and the median household retirement income is $27,000 (which is a 37% difference) why do all advisors say to budget for 75% of your pre-retirement income? Is the average retiree struggling to make ends meet? 36% to 75% is a massive difference. My current salary is almost twice the average, but do I really need my retirement income to be over 4x the average?
This video needs context to avoid being deceptive. The District of Columbia is not up there due to politics but simply federal employees still have a pension. It also includes only income and if you are retired, your income is social security, pension if you have one and part time work. You need to account for 401k income which is simply going to be based on sporadic withdrawals unless you created an annuity. Therefore, if a person in Indiana is warning the median $20,000 but has a million dollars in a 401k, he/she is not really living in $20,000. It’s also likely they have no house payment, the biggest expense for most people.
I think some of it has to do with assumptions like house is paid off and lower tax implications. If you are only pulling $30K a year out of retirement accounts, it is very little tax you will pay right? Plus some states have rebates or no tax at all on property for seniors, etc. so that may lower the cost of living as well. But figuring say $1200 a month for Social security for 1 person, $2400 for 2, which is not a high level, you are still making $28,800 for a couple with SS alone. So i dont understand why so many seniors need to continue to work (or maybe just think they do?). Also, "In 2022, about 46% of households reported any savings in retirement accounts. Twenty-six percent had saved more than $100,000, and 9% had more than $500,000." So maybe it has to do with an awful lot of people not having any retirement savings at all?
Utah has been on a boom for the past several years. I’m fortunate that we've been here since 2014 so when we built our house and established our “fixed “payments, they were significantly below what they are now. Or, what they should be now. When you say retirement income, do you mean money that is a combination of Social Security, pension, and or investment funds?
Stuck in a high taxed liberal state that is terrible financially for retirees, but this is where my family is and that is more important than money! Seeing my kids and grandkids every single week is worth it's weight in gold compared to fancy vacations and a big expensive empty house.
Thanks for the content, as usual, Azul. IMO, Indiana should be on more people's radar for a good retirement. Low state income taxes and property tax combined with low cost of living, great health care and plenty to do. Now, we need the Boilers to make a deep run into the tournament! Boiler Up!
Hammer Down! Indiana is a great state, I grew up in West Lafayette, I have lived in California for the past 30 years. We are moving back to Indiana to retire. However, home prices in Greater Lafayette have skyrocketed in the last five years.
@@calivalley9056 Yes, they have- we live in the Carmel/Westfield area and costs have risen dramatically here as well. My in-laws live in West Lafayette so we get up there regularly- especially during football season. Stay safe out there and hope you get to retire soon.
I would bet that average income is lower than expenses so therefore it isn't counting other income resources that retirees are tapping into that aren't being counted.
My entire life has been in Oklahoma and Kansas. Ready to retire and experience living in other parts of the US. Though most articles list OK/KS as states with lowest cost to retire in. A dilemma....
@@NewGuy2024 some rent their houses and travel around a bit. If you were able to, you might find your new home. With my luck, I’d get squatters that refuse to pay the rent though. 😳
@@bmiles4131 I don't want to come with every excuse in the book, but I don't even like people borrowing my car. Having a house sit vacant might actually make me nervous. Bursting water line, critters showing up. You no longer own the house the house owns you.
The state I'm in has a lower average income and low income growth. But that is misleading. There are three parts to the economy here, agriculture, energy, and tech. The ag sector hasn't seen much growth in years and is largely what is pulling the numbers down. Some energy sector jobs pay quite well but the cost of living in those parts of the state is also higher. The secret here is there's a small but very well paying tech sector largely located in areas where the cost of living is modest. So averages are important but you need to dig a little deeper to find opportunities off the beaten path. :)
It eems there are a goid number of these studies out there. Motley fool cites study from Current Population Survey Annual Social and Economic Supplement in 2022 showed average retirement income for u.s. adults 65 and over to be $75,254 in 2022, median $47,620.00. This is a jointly sponsored study between the Census Bureau and the U,S. bureau of Labor Statistics.
I think motley fool misinterpreted the information. MF used household income for 65 and older and assumed that equated to retirement income, which it doesn't. The data MF and Wisevoter (not Smartasset) used are from the same data, MF just incorrectly attributed the data.
I live in an expensive area in N.E. I have my dividends and SS and that's it. Fortunately I'm not a big spender by nature so I'm OK. Since I retired 10 years ago my portfolio has gone up 60% and I'm still buying shares, though not many since my income isn't all that great. The high cost of living here is worth it to me, and even more so when I consider climate change. The only thing I worry about is the influx of Sun Belt refugees, but maybe I won't live long enough to see how bad it will eventually become.
shouldn't be if you consider the average soc sec benefit is $22,140/yr, and for many people soc sec benefit makes up the bulk of their retirement income. If you drill into the actual data notes, not the Wisevoter analysis reported by Smartasset, you'll see that the USCB acknowledges significant limitations in the self-reported data, to include pension and retirement account information are historically underreported in these types of voluntary, self-reporting surveys.
Rephrased I believe this is SSI and any Pension Retirement Income. This is misleading as retirees are receiving distributions from their 401Ks, IRAs, and Roth IRAs, etc., that I don't think are being included in this study. Can you confirm Azul?
@@brucesprung6431 it's only misleading because census data are derived from self-reported information. People tend to under report pension and retirement account income, which the census bureau acknowledges. The analysis was derived from census bureau data, which covers six types of income comprising retirement income: social security, supplementary security income (SSI), pensions and retirement accounts, property income, earnings, and other income.
Indiana is also one of the least expensive states to live in. I will be retiring at 60…if I lived in just about any other state, the cost of living would mean having to keep working…likely to full retirement age. I’m perfectly happy as a Hoosier. Go Purdue!
Having lived the last 30+ years outside of the US, I would never consider that dump to retire in. Too many places around the world that are affordable, great weather, great food, great medical care, great way of life, almost none that the US offers. The number of Americans leaving the US permanently for retirement continues to escalate year over year. The place is a gigantic sh$t ball.
@@brianhill4995"flicks28" always posts about how bad living in the U.S. is and how great it is elsewhere. never says where he lives. funny how he hasn't supposedly lived in the U.S. in this century but it's so bad. 😂
I have to be honest I am looking for a suitable path out as well. The U.S. political landscape is teetering towards full blown socialism and involuntary wealth transfer. The U.S. government in failing to balance the budget with irresponsible spending combined with a shrinking percentage of actual taxpayers has to wring more out of a shrinking pie. I for one believe social security will be progressivly reduced and/or phased-out for individuals based on their net asset withholdings in the next ten years. Now take note of who is being allowed into this country and by whom., The fact that they want to grant them all immediate citizenship giving them to right to vote and for whom they will vote is quite obvious.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Big Credits to ''Melissa Terri Swayne'' she has a web presence, so you can simply search for, there are some others but it might be difficult to get them, but Carol has been a good guide through the year.
Considering that I am only three years away from retirement, it becomes challenging for me to solely concentrate on the long-term perspective. Despite having invested in reputable companies and having a significant amount of funds allocated, my profits have been stagnant. This situation raises the question: Does the current recession and unstable market offer any calculated risk opportunities for generating profits?...
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.....
STEPHANIE KOPP MEEKS, that's whom i work with look her up and thank me later,......
I pulled the trigger and retired in August at the age of 61. I was a federal employee with 18 years of federal service and younger than 62. Because of that, I took a penalty on my pension of 1.3%. In my case, that came out to $17.50 per month I looked at my expenses, and I paid more than that each week for parking alone. More importantly, my mental health is much more valuable to me than the ~$200 per year.
Is this including Social Security? These numbers are scary low. The average retiree is broke.
It depends on how you live and what you're used to. All the guys in my group have large retirement incomes - they own buildings, they have big stock portfolios, they draw nice pensions.
However, I agree these incomes are pretty pitiful.
Totally agree I’m a little confused here. Is this Social Security only? It seems very low.
Seems too low?? Pensions, 401K, IRA's, Social Security, rental property, inherited money, part time jobs?? Where did income come from??
@@lynnhensley4326many people have crappy jobs so no savings and retire on SS only. Most are not watching these videos, because no money.
I get it. Where I work there is a 2 to 1 match, and people still didn't want participate.
I wish there were MEDIAN retiree household income by state numbers readily available. I suspect those numbers would be far more shocking.
Recent inflation must be crushing people at these income levels
I also went to Purdue long ago and worked very hard to get through it - and Indiana is a great state to live in! Go Boilers.
DC income is so high due to federal worker pensions that come from bleeding taxpaying Americans dry.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!
*@sloanmarriott5* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Gertrude Margaret Quinto, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
Well as you know bigger risk, bigger results, but such impeccable high-value trades are often carried out by pros.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Thank you for this amazing tip. I just looked the name up and wrote her.
Scammers gonna scam 😂
Buy more real estate or invest it in the S&P 500 or Vanguard ETFs.
I thought the lowest would be Mississippi as well. Surprised by Indiana.
Not surprised with IN, there's so much poverty there. Go to Gary
@@tubenachos I grew up in NWI, so I am aware, but much of the state is not Gary, to be fair.
Anybody who has been there won't be surprised. Even Indianapolis is a shit hole. Better to work in a state that doesn't suck!
@@tubenachos Disagree. I live in IN and except for pockets like Gary, decent jobs are plentiful. Not minimum wage, ones paying at least 15-30k/yr in low end jobs. Mid range factory jobs pay in the 18-25 dollar/hour range and one local company seems to continuously have a sign advertising jobs available starting at over $20/hour. There are also a lot of biotech jobs here - line workers there make $60-80,000/year. There are lots of "millionaire next door" types around here. Thanks to the low cost of living the net income after expenses can be higher than states with much higher wages..
Not sure why anybody would live in either lol
$143k per year for us (my pension at 58 and both our SS at 62). Azul’s numbers must be taxable income which would not include much of Social Security for most.
I'm very curious what the budget looks like for these numbers. They seem very low.
It would be interesting to see these numbers with the median income as averages are skewed by real low and high incomes.
Id like to see a video about households withonly one person.
Much like DC is an outlier, I think these numbers don’t tell a particularly strong story as there can be best differences between retirees who choose to live in a city, and those who choose to live in a rural area. Florida might show as 30,000, Miami, maybe much closer to 40. And Ocala maybe closer to 20. It’s really going to depend on the locality, not the state as a whole.
Azul does a great job. His videos are extremely helpful to my wife and I.
Thank you Azul for all of this data. This is indeed very sobering especially given the ridiculous rise in prices of essentials like groceries and utilities, rents and RE taxes. You would also wonder as to what kind of emergency funds folks have when the average annual incomes are so low. And Medicare sounds good on paper but we know that Medicare coverage almost always needs to be supplemented with additional health insurance. These are quite depressing numbers especially for folks who have put in decades of hard work in their working years.
It looks like many folks will never really be able to retire.
I need context on these numbers.
Where is this income from? Post tax?
Do we add SS to this number?
stop being lazy and do some research on your own. The data is derived from US census bureau, which specifies retirement income derived from six different types of income: social security, supplementary security income (SSI), pensions and retirement accounts, property income, earnings, and other income.
Side by side comparison of the avg income and net worth would be goid
Awesome! I appreciate your viewpoint. I currently earn $600k per year. I have no home or investments, and my job is in New York because I work from home. I need to act quickly or else I'll owe the IRS thousands of dollars come tax season. What should I do?
To better understand the factors that could affect your finances as a beginner. To make the best decision, speak with a financial professional. They have a wealth of information regarding both current events and upcoming developments.
It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.
Vivian Carol Gioia
very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
If the median household income in the US is $75,000 and the median household retirement income is $27,000 (which is a 37% difference) why do all advisors say to budget for 75% of your pre-retirement income? Is the average retiree struggling to make ends meet? 36% to 75% is a massive difference. My current salary is almost twice the average, but do I really need my retirement income to be over 4x the average?
This video needs context to avoid being deceptive. The District of Columbia is not up there due to politics but simply federal employees still have a pension. It also includes only income and if you are retired, your income is social security, pension if you have one and part time work. You need to account for 401k income which is simply going to be based on sporadic withdrawals unless you created an annuity. Therefore, if a person in Indiana is warning the median $20,000 but has a million dollars in a 401k, he/she is not really living in $20,000. It’s also likely they have no house payment, the biggest expense for most people.
Who the heck can live on so little?? 🤔 Maybe I am being ridiculous. I need 60k after tax and inflation here in Vancouver, Canada 🇨🇦.
I think some of it has to do with assumptions like house is paid off and lower tax implications. If you are only pulling $30K a year out of retirement accounts, it is very little tax you will pay right? Plus some states have rebates or no tax at all on property for seniors, etc. so that may lower the cost of living as well. But figuring say $1200 a month for Social security for 1 person, $2400 for 2, which is not a high level, you are still making $28,800 for a couple with SS alone. So i dont understand why so many seniors need to continue to work (or maybe just think they do?). Also, "In 2022, about 46% of households reported any savings in retirement accounts. Twenty-six percent had saved more than $100,000, and 9% had more than $500,000." So maybe it has to do with an awful lot of people not having any retirement savings at all?
Wow. With numbers that low, no wonder folks don't retire early.
I'm looking at something just south of $90k a year for our household, so this is encouraging.
Utah has been on a boom for the past several years. I’m fortunate that we've been here since 2014 so when we built our house and established our “fixed “payments, they were significantly below what they are now. Or, what they should be now.
When you say retirement income, do you mean money that is a combination of Social Security, pension, and or investment funds?
Are you saying that a retiree can live in California with an annual income of $35K?? I am confused.
What about Washington State? Saw no mention of WA.
Stuck in a high taxed liberal state that is terrible financially for retirees, but this is where my family is and that is more important than money!
Seeing my kids and grandkids every single week is worth it's weight in gold compared to fancy vacations and a big expensive empty house.
Thanks for the content, as usual, Azul. IMO, Indiana should be on more people's radar for a good retirement. Low state income taxes and property tax combined with low cost of living, great health care and plenty to do. Now, we need the Boilers to make a deep run into the tournament! Boiler Up!
Hammer Down! Indiana is a great state, I grew up in West Lafayette, I have lived in California for the past 30 years. We are moving back to Indiana to retire. However, home prices in Greater Lafayette have skyrocketed in the last five years.
@@calivalley9056 Yes, they have- we live in the Carmel/Westfield area and costs have risen dramatically here as well. My in-laws live in West Lafayette so we get up there regularly- especially during football season. Stay safe out there and hope you get to retire soon.
This is really sad. Very very low.
It’s crazy 😢 seems like just SS income?
I would bet that average income is lower than expenses so therefore it isn't counting other income resources that retirees are tapping into that aren't being counted.
How are these people living on this. I must be missing something.
Let’s see the median.
These numbers seem really low.
Like just SS income or something. $20,500 a year !!! That would last me about 3-4 months 😂
My entire life has been in Oklahoma and Kansas. Ready to retire and experience living in other parts of the US. Though most articles list OK/KS as states with lowest cost to retire in. A dilemma....
Home base
@@bmiles4131 It's probably too much house to serve as a home base for my taste.
@@NewGuy2024 some rent their houses and travel around a bit. If you were able to, you might find your new home. With my luck, I’d get squatters that refuse to pay the rent though. 😳
@@bmiles4131 I don't want to come with every excuse in the book, but I don't even like people borrowing my car.
Having a house sit vacant might actually make me nervous. Bursting water line, critters showing up.
You no longer own the house the house owns you.
where did you go to college at in Indiana?
How does average retirement income compare/relate to average retirement costs by state?
The state I'm in has a lower average income and low income growth. But that is misleading. There are three parts to the economy here, agriculture, energy, and tech. The ag sector hasn't seen much growth in years and is largely what is pulling the numbers down. Some energy sector jobs pay quite well but the cost of living in those parts of the state is also higher. The secret here is there's a small but very well paying tech sector largely located in areas where the cost of living is modest. So averages are important but you need to dig a little deeper to find opportunities off the beaten path. :)
Sorry if I missed this but are these numbers per person or household?
azul mentioned household
Utah will soon be way too expensive to retire in.
It eems there are a goid number of these studies out there. Motley fool cites study from Current Population Survey Annual Social and Economic Supplement in 2022 showed average retirement income for u.s. adults 65 and over to be $75,254 in 2022, median $47,620.00. This is a jointly sponsored study between the Census Bureau and the U,S. bureau of Labor Statistics.
I think motley fool misinterpreted the information. MF used household income for 65 and older and assumed that equated to retirement income, which it doesn't. The data MF and Wisevoter (not Smartasset) used are from the same data, MF just incorrectly attributed the data.
Must be social security income only…most retirees I know have way more!
That’s what I thought too
What are you defining as retirement income as and is this before or after tax?
I live in an expensive area in N.E. I have my dividends and SS and that's it. Fortunately I'm not a big spender by nature so I'm OK. Since I retired 10 years ago my portfolio has gone up 60% and I'm still buying shares, though not many since my income isn't all that great. The high cost of living here is worth it to me, and even more so when I consider climate change. The only thing I worry about is the influx of Sun Belt refugees, but maybe I won't live long enough to see how bad it will eventually become.
Where is Colorado?
Thank you for the information
Did you skip Virginia, I didn't see it.
Great info! And I love Oliver Anthony!
I cannot imagine how people survive on this amount of money per month in retirement.
I wouldn't call it a dump. However it is cheaper to live elsewhere when retired and live can be better
This is significantly lower across board than I would have guessed
I don’t think 34k would cover the tax bill in Ca. We love our taxes.
Pls define income. None of this makes sense.
These numbers are so low !! Is it only SS income??
These were way lower than what I thought.
shouldn't be if you consider the average soc sec benefit is $22,140/yr, and for many people soc sec benefit makes up the bulk of their retirement income. If you drill into the actual data notes, not the Wisevoter analysis reported by Smartasset, you'll see that the USCB acknowledges significant limitations in the self-reported data, to include pension and retirement account information are historically underreported in these types of voluntary, self-reporting surveys.
Ditto
This must be the amount per person, with most households having two people.
These numbers seem way too low for todays economy.
I guess these folks don't have mortgages
This has to be SSI only.
Rephrased I believe this is SSI and any Pension Retirement Income. This is misleading as retirees are receiving distributions from their 401Ks, IRAs, and Roth IRAs, etc., that I don't think are being included in this study. Can you confirm Azul?
@@brucesprung6431 it's only misleading because census data are derived from self-reported information. People tend to under report pension and retirement account income, which the census bureau acknowledges. The analysis was derived from census bureau data, which covers six types of income comprising retirement income: social security, supplementary security income (SSI), pensions and retirement accounts, property income, earnings, and other income.
Smart ass ET. I wasn't fooled.
These numbers are shockingly low
End politics as a career option!
Would appreciate the median. Where I live there are the rich. And then the rest of us
It looks like many people need to invest and save more during working years.
Thanks!
This data is tough to square with data on the same smartasset website dated 3/7/2024 about salary needed to live comfortably 2024.
Retirement income has nothing to do with the state you live in...its all about personal responsibility, saving and investing over years,and years
Indiana is also one of the least expensive states to live in. I will be retiring at 60…if I lived in just about any other state, the cost of living would mean having to keep working…likely to full retirement age. I’m perfectly happy as a Hoosier. Go Purdue!
DEPRESSING
This seems like peoples SS income ?
We need to discuss the real inflation rate
First again !
Having lived the last 30+ years outside of the US, I would never consider that dump to retire in. Too many places around the world that are affordable, great weather, great food, great medical care, great way of life, almost none that the US offers. The number of Americans leaving the US permanently for retirement continues to escalate year over year. The place is a gigantic sh$t ball.
Tell us where then?
@@brianhill4995"flicks28" always posts about how bad living in the U.S. is and how great it is elsewhere. never says where he lives. funny how he hasn't supposedly lived in the U.S. in this century but it's so bad. 😂
@@MidlifeCrisisManagement ok thanks 😊
My guess is Thailand 🤷🏻♂️
I have to be honest I am looking for a suitable path out as well. The U.S. political landscape is teetering towards full blown socialism and involuntary wealth transfer. The U.S. government in failing to balance the budget with irresponsible spending combined with a shrinking percentage of actual taxpayers has to wring more out of a shrinking pie. I for one believe social security will be progressivly reduced and/or phased-out for individuals based on their net asset withholdings in the next ten years. Now take note of who is being allowed into this country and by whom., The fact that they want to grant them all immediate citizenship giving them to right to vote and for whom they will vote is quite obvious.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
Big Credits to ''Melissa Terri Swayne'' she has a web presence, so you can simply search for, there are some others but it might be difficult to get them, but Carol has been a good guide through the year.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.