Where do wealthy retirees gets their spending money?

[Bob Of Burleson]

Surprise: Even wealthy retirees live on Social Security and pensions

By Mark Miller

CHICAGO (Reuters) - Where do affluent retirees get their income? Portfolios invested in stocks and bonds, you might think - but you'd be wrong. Turns out many are living mainly on Social Security and good old pensions.

That's the surprising finding of new research from a surprising source: Vanguard, a leading provider of retirement saving products like individual retirement accounts and 401(k)s. Vanguard studied the income sources and wealth holdings of more than 2,600 older households (age 60–79) with at least $100,000 in retirement savings. The respondents' median income was $69,500, with median financial assets of $395,000. (The value of housing was excluded.)

The researchers were looking for answers to a mysterious question about the behavior of wealthier retirement account owners: Why do few of them draw down their savings? They found that nearly half the aggregate wealth of these households comes from the two mothers of all guaranteed income programs, Social Security (28 percent) and traditional defined-benefit pensions (20 percent).

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[GFB]

$100,000 invested in retirement?

Under $400,000 in total financial assets?

Yes..these are people that are relying on Social Security.

[kent]

If they had their money taken from them, why shouldn't they be able to receive the "benefit"?

[GFB]

$100,000 invested in retirement?

Under $400,000 in total financial assets?

Yes..these are people that are relying on Social Security.

..and a long way from wealthy!

[Red Oak]

Where do they find these idiots what wrote this story ?

If you are retired with 395K in assets assuming a 4% withdrawal rate you are receiving a whooping 15,800 dollars a year !

If you are in your 50s and. It eligible for a pension you need upwards of 1 Million Dollars in assets to maintain a lower Middle Class Lifestyle.

[Bob Of Burleson]

https://institutional.vanguard.com/iam/ ... main=false

[Red Oak]

IIn this paper, we seek to answer these questions by examining the current retirement income of wealthier retirees—defined as those ages 60–79 with at least $100,000 in financial assets, whether in taxable, tax- deferred, or other types of accounts. Our survey sample included more than 2,600 households. Our aim was to establish a current baseline for evaluating changes that might occur among this wealthier group in the future.


Wealthier than who ? The Guy living under a bridge ?

If you are retired with a 100K in assets - you are not Wealthy, by Traditional American Standards.

[GFB]

IIn this paper, we seek to answer these questions by examining the current retirement income of wealthier retirees—defined as those ages 60–79 with at least $100,000 in financial assets, whether in taxable, tax- deferred, or other types of accounts. Our survey sample included more than 2,600 households. Our aim was to establish a current baseline for evaluating changes that might occur among this wealthier group in the future.


Wealthier than who ? The Guy living under a bridge ?

If you are retired with a 100K in assets - you are not Wealthy, by Traditional American Standards.

For most people..I'd say you're in for a rough retirement.