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Old 08-15-2014, 12:28 AM
 
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What are the average incomes of most retirees .. and what are middle and upper middleclass incomes of couples in retirement ????? My wife and I are retired and 64 years old this year. I've been retired for 11 yrs. and she for 6 yrs. No one but us two living at home, with a mortgage and some credit cards. Luckily we have decent retirement plans after 30 yrs. plus of service on the job. I've heard that $49,000 was the average .. including all sources of income.
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Old 08-15-2014, 03:08 AM
 
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It is really a meaningless question. There is no such thing as average in life. Life only has two outcomes .

Something either works for you or it doesn't.

There are far to many variables to even answer. Folks live on ss only all the way up to to millions.
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Old 08-15-2014, 03:41 AM
 
Location: Los Angeles area
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Yes, Mathjak, but there are statistics about average and median family incomes by age groups from the Census Bureau and the IRS, and perhaps from other sources as well. Those things can be googled. I don't think it's a meaningless question.
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Old 08-15-2014, 03:53 AM
 
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As i said many times those surveys are done on very few folks. They paint with very broad brushes on data there are endless answers to.

There is no financial info on the census,just a very small sampling that is randomly sent out in a seperate survey. In fact tuborg is the only person i ever knew who was actually asked and he didn't respond if i remember.

I would bet asking just a random sampling in our building would be so different then an actual survey if everyone was figured that the results would be pretty far off.
that is why different surveys for the same thing yield different results depending who it goes to and who is doing the study.

There are different studies every week issued about how we are all doing better or worse and we all have less then 10k in savings or the average retirement account at fidelity or vanguard has almost 300k for workers over 55 yet other studies show under 50 k.

But in any case average means little if you are trying to judge where you stand as 50k in tennesee is different than 50k in nyc

Last edited by mathjak107; 08-15-2014 at 04:34 AM..
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Old 08-15-2014, 05:07 AM
 
Location: in the miseries
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I couldn't live on $49,000.00 per year.
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Old 08-15-2014, 05:22 AM
 
29,772 posts, read 34,856,103 times
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Quote:
Originally Posted by mathjak107 View Post
As i said many times those surveys are done on very few folks. They paint with very broad brushes on data there are endless answers to.

There is no financial info on the census,just a very small sampling that is randomly sent out in a seperate survey. In fact tuborg is the only person i ever knew who was actually asked and he didn't respond if i remember.

I would bet asking just a random sampling in our building would be so different then an actual survey if everyone was figured that the results would be pretty far off.
that is why different surveys for the same thing yield different results depending who it goes to and who is doing the study.

There are different studies every week issued about how we are all doing better or worse and we all have less then 10k in savings or the average retirement account at fidelity or vanguard has almost 300k for workers over 55 yet other studies show under 50 k.
But in any case average means little if you are trying to judge where you stand as 50k in tennesee is different than 50k in nyc
I was interviewed for a year and declined to answer some specific financial questions. The interviewer was older and did this along with volunteering on Election Day etc. he said a number of people refused to answer the same questions. We gave pension and I believe the wife was on SS at the time info. We refused to give provide investment and savings info so our profile was very incomplete. Why help this administration with ammo to try to curb retirement wealth?

Last edited by TuborgP; 08-15-2014 at 06:32 AM..
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Old 08-15-2014, 05:22 AM
 
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I could if i give up eating. Here in queens ny our non descretionary bills including ltc insurance are 45k.

That is no food ,clothes,car,trips,gifts ,food or anything else that is fun.
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Old 08-15-2014, 05:24 AM
 
29,772 posts, read 34,856,103 times
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Quote:
Originally Posted by luvmyhoss View Post
I couldn't live on $49,000.00 per year.
Especially if the last time you did was multiple decades ago. That's why they recommend retirement income as a percentage of current.
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Old 08-15-2014, 06:13 AM
 
71,501 posts, read 71,674,131 times
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Quote:
Originally Posted by TuborgP View Post
I was interviewed for a year and declined to answer some specific financial questions. The interviewer was older and did this along with volunteering on Election Day etc. he said a number of people refused to answer the same questions. We gave pension and I believe the wife was on SS at the time info. We refused to give provide investment and savings info so our profile was very incomplete. Why help this administration with ammo to try to curb retirement wealth?
Yep,the truth is no one really nows what is in our war chests. They try to guess based on sampling but the answers vary way to much in reality.

Besides if people spent less time worrying about what others have and more time on what they could have they would be far better off.
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Old 08-15-2014, 06:31 AM
 
Location: Whereever we have our RV parked
8,766 posts, read 7,695,901 times
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The reason a question like this is meaningless is that average income means nothing. A person might have just SS but millions in the bank/investments. One person might have a nice pension, but no assets and rents, has huge credit cards and car payments and struggles. One person live in a high cost of living city, another in a very low cost area. The variables are endless. Why do you even care?
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