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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Where do wealthy retirees gets their spending money?
- Bob Of Burleson
- Posts: 1803
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Re: Where do wealthy retirees gets their spending money?
$100,000 invested in retirement?
Under $400,000 in total financial assets?
Yes..these are people that are relying on Social Security.
Under $400,000 in total financial assets?
Yes..these are people that are relying on Social Security.
If you’re “woke”..you’re a loser.
Re: Where do wealthy retirees gets their spending money?
If they had their money taken from them, why shouldn't they be able to receive the "benefit"?
Re: Where do wealthy retirees gets their spending money?
GFB wrote:$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!
If you’re “woke”..you’re a loser.
Re: Where do wealthy retirees gets their spending money?
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.
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.
I am a never Kamalaite!
- Bob Of Burleson
- Posts: 1803
- Joined: Mon May 26, 2014 10:59 am
Re: Where do wealthy retirees gets their spending money?
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.
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.
I am a never Kamalaite!
Re: Where do wealthy retirees gets their spending money?
Red Oak wrote: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.
If you’re “woke”..you’re a loser.
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