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Old 03-16-2011, 01:40 PM
 
Location: Carson City, NV
52 posts, read 50,539 times
Reputation: 39
Default Retirement Income

Hi all, I have a question. We have been retired, collectively, for 3 years. Five years ago we bought a new RV in anticipation for traveling the US when retired. We have been blessed to be doing just what we set out to do. Yes, our income has gone down since retireing, but between our pensions and SS, we are able to live our dream.

Question: Our total monthly dollars now are $3500.00. (pension & SS). Is this considered average monthly dollars for retired couple, or is it higher or lower?

Reason for Question: Needing to know what bracket/place we would fall under as far as retirement income is considered.

Thanks for your time, and have a great day!
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Old 03-16-2011, 08:07 PM
 
1,668 posts, read 1,078,511 times
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Unsure when you say "what bracket" you fall into in retirement. Are you asking how your monthly income compares to most other retirees? There are probably some statistics on this available if you google it (if this is your question)

Off the top of my head, I would say you were in a mid range for retirees who have either been able to save for many years or for those fortunate enough to have a pension in addition to Soc. Sec. There are LOTS who will have much less, and some who will have more. But I can't give you any solid statistics. The answer you will get as a comparison will also vary according to what forum you are on. If you were on another forum to do with early retirement and financial matters, you will find there are many who will have more income because these are people for the most part who have managed to save a significant amount of money.

This forum is more a cross section of people and probably represents the average US citizen better, so you will see people who have much less than you have, and a few who have more.
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Old 03-16-2011, 08:55 PM
Status: "Independence Day. Have you thanked a military member today?" (set 17 days ago)
 
Location: Outside 1604
1,532 posts, read 1,197,100 times
Reputation: 2395
I would LOVE to have your retirement income. My husband is retired and brings in half of that, no SS yet. I am too young (55) to draw my retirement income, so I have to work. Thank God I have been blessed with a job I love, close to home. This job is not the job(s) I will get pension income from, just one for extra income to keep the lifestyle I am accustomed to (food, housing, gas, but mostly property taxes :-( ).
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Old 03-16-2011, 09:27 PM
 
40,871 posts, read 42,001,653 times
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The only thing I coud find is reported income average of a little over 29000. But that can be deceivng as many have wealth far in access of what they draw.
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Old 03-16-2011, 09:57 PM
 
4,983 posts, read 5,420,004 times
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Quote:
Originally Posted by rvwife01 View Post
Reason for Question: Needing to know what bracket/place we would fall under as far as retirement income is considered.
Just out of curiosity....why does one need to know this? (As opposed to just wanting to know the answer.)
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Old 03-17-2011, 03:10 AM
 
27,213 posts, read 22,667,490 times
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im not sure of the question.
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Old 03-17-2011, 06:50 AM
 
5,984 posts, read 5,015,527 times
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Quote:
Originally Posted by rvwife01 View Post
Hi all, I have a question. We have been retired, collectively, for 3 years. Five years ago we bought a new RV in anticipation for traveling the US when retired. We have been blessed to be doing just what we set out to do. Yes, our income has gone down since retireing, but between our pensions and SS, we are able to live our dream.

Question: Our total monthly dollars now are $3500.00. (pension & SS). Is this considered average monthly dollars for retired couple, or is it higher or lower?

Reason for Question: Needing to know what bracket/place we would fall under as far as retirement income is considered.

Thanks for your time, and have a great day!
http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/13/~/average-monthly-social-security-benefit-for-a-retired-worker

Quote:
The average monthly Social Security benefit for a retired worker was about $1,177 at the beginning of 2011. This amount changes monthly based upon the total amount of all benefits paid and the total number of people receiving benefits.
As most are couples that would be $2,354. In California or New York that would be poverty but in some areas of the country, assuming no debt, owned house and small tax burden, you would be able to make it comfortably as long as you didn't go wild.

As far as pensions who knows?
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Old 03-17-2011, 07:55 AM
 
Location: Forests of Maine
21,319 posts, read 26,134,564 times
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Quote:
Originally Posted by rvwife01 View Post
... Question: Our total monthly dollars now are $3500.00. (pension & SS). Is this considered average monthly dollars for retired couple, or is it higher or lower?

Reason for Question: Needing to know what bracket/place we would fall under as far as retirement income is considered.

Thanks for your time, and have a great day!
My pension is $1490/month.

I am not yet eligible for SS, when I do get it, my pension will be reduced by the SS amount. So that my gross will remain the same.



We also bought a motorhome. After 4 years with it, we saw that it had became a money pit. We could not afford to feed it.
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Old 03-17-2011, 08:45 AM
 
2,796 posts, read 3,529,227 times
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Quote:
Originally Posted by mathjak107 View Post
im not sure of the question.
"Question: Our total monthly dollars now are $3500.00. (pension & SS). Is this considered average monthly dollars for retired couple, or is it higher or lower?"

Simple, the OP simply asked where they stand relative to other retired couples, income-wise. The answer - they are about in the middle or perhaps slightly over average based on the answers provided here.
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Old 03-17-2011, 09:46 AM
 
4,983 posts, read 5,420,004 times
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Quote:
Originally Posted by ETex2 View Post
"Question: Our total monthly dollars now are $3500.00. (pension & SS). Is this considered average monthly dollars for retired couple, or is it higher or lower?"

Simple, the OP simply asked where they stand relative to other retired couples, income-wise. The answer - they are about in the middle or perhaps slightly over average based on the answers provided here.
Huh?

There are no answers pertaining to overall retirement income provided so far (other than the OP combining SS & pension income). The only income mentioned by others is average Social Security benefit. That is a far cry from average overall retirement income.

Case in point: My wife and I are retired and have no Social Security income. But our retirement income is significantly higher than the OP's.

As you stated, the OP asked where they stand relative to other retired couples, income-wise (not Social Security-wise).

Not so simple after all, is it?
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