How Much TOTAL Income Do Retirees Receive | Age 65-74 Averages
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- Опубліковано 7 січ 2024
- This video discusses the average retiree's total income in the US across all income sources. This data comes from the newly released, October 2023, Survey of Consumer Finances (Federal Reserve Board). We cover mean and median income for those ages 65 to 74, and show you things you need to consider to adjust these numbers to your particular circumstances. We also provide limited information on retirement income in the US for those aged 75+.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
I'm sorry to hear you recently lost your fur baby. I said good bye to one of mine in Feb/2023 and I still miss her every day. Peace to you and your family.
I’m so sorry. They do take a piece of your heart.
@@sactopyrshepthat is so true. All you can do is remember the good times the two of you spent together
I know what you mean. I lost my 17 year old purr machine that I adopted in 2006 last May. I so miss her!❤
Sorry for your loss, Geoffrey. Losing furry family members is so difficult.
I grieve for your baby, Ginger. It is such a hard and difficult path to follow, after they move on. Best to you and yours!
Sorry for your loss. I appreciate the work you do on these videos and the thoughtful content you provide.
Very sorry for the loss of your fur baby, it’s never easy!😢😢😢
It's nice you had Ginger for 19 years. Longer than most.
So sorry about Ginger. May her memory be a blessing 🕊️
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
who is your adviser...
thanks for recommending me to i have find her....
Thanks for putting my income numbers in perspective. It appears that my income numbers reflect someone who quit school in the 5th grade. The numbers are quite "mean."
After reflection, I will just have to wait to retire until 3 days AFTER I expire.😂
Sorry for your loss. Even though we know we’ll almost certainly outlive them, it’s always hard.
Another Holy Schmidt video ...........another thumbs up !
Sorry for your Loss. They are family, and no matter what your age, it hurts to lose them.
I’m really sorry about loss. My son lost his golden retriever last year and it sure was hard when he left us. He had an awesome smile every time we met. I’m sure he is in heaven smiling and welcoming Ginger to paradise. Take care.
Thanks as always for the great information! Sorry for the loss of Ginger 😢
Aww, Ginger was beautiful. So sorry for your loss. But now forever she will be here on your video....
Excellent, helpful & informative video Geoff…🇺🇸❤️⭐️🙏☮️😇
I enjoy your videos. It helps put my situation into perspective. And gives me hope that all is well in my financial situation.
Great video, as usual with interesting information. I am also so sorry to hear of your recent loss of your beloved dog, Ginger. It is never easy to say good bye to a family pet. As one who has traveled this road many times, I am sending you and your family big hugs.
I am so sorry for the loss of your sweet girl, Ginger. It is so heart wrenching when we have to say good bye to them.
So sorry for your loss. I am still grieving my furbaby that I lost 6 mons ago 😢
I’m so sorry you lost your sweet dog. It hurts so much when you lose a pet. Thanks for such an informative video.
You do helluva work. Always on point
Geoff, I’m so sorry for the loss of your fur baby. I can definitely relate to what you must be feeling. ~ Please know of my ongoing gratitude for all your lifesaving information within all your videos for us. 🥰
Thank you for your information. It helps put everything in perspective.
My pleasure
Very useful information, thank you!
I’m so sorry about Ginger. It’s always gut wrenching to lose your love bugs.❤❤
So sad. Sorry for your loss. Very interesting video tho'. I enjoyed the explanation.
😢 sorry for the loss of Ginger. We had a similar recent loss. Very thankful for memories..
The information you provide has been tremendously helpful in prepping for retirement. Thank you.
You bet
Sorry about Ginger. We adopted seven and know how lost effects you. Remember the good times. Love your stuff.
Thank you for your videos and we are sorry to hear about Ginger😢
sorry for your loss - I know this is so very hard
Geoff sorry for your loss. We lost our boy after 15 yrs in Feb, an still feel it everyday. They are family members for sure. Thx for the vid Geoff
Good info.
Sorry about your dog. That's so sad. But Happy New Year anyway Geoff!
I'm sorry for your loss. Unless you have pets you don't know how much it hurts.
Thank you for the information. Sad to hear about Ginger. 😪
Great maps and overlays.
Thank you for your presentations. Sorry for the loss of Ginger.
Sorry for your loss ❤
Thanks, Jeff, and sorry to hear you lost Ginger. But hey, >18 years is pretty impressive for dogs; you obviously took fantastic care of her!
Thanks 88
Thanks for the memories Ginger
So sorry for the loss of your baby
So sorry for the loss of your furbaby Ginger
So sorry for your loss 😢❤
My heartfelt condolences. Its so, so hard.
Sorry for your loss.
It's hard to imagine that these numbers mean much as a lot of it boils down to the income retirees CHOOSE to take. Everything from long term capital gains to IRA/401K distributions and more and this depends upon their "need of income" which is highly subjective. People like me have little need of such and taking additional income just results in additional taxes that we have no interest in culminating and increased income/spending gets in the way of long term tax planning.
Condolences on your loss, I've been through it a few times and the worse part is how empty the house seems without their presence. A new companion is often the cure but too soon isn't good either as some time to reflect and mourn is needed. God bless you and your family.
So sorry for your loss!
I have a $397k portfolio consisting of 33% S&P, 33% Total stock, and 33% international. I feels a need to focus on complete growth so I want 100% stocks, but does the SP500 and TSM overlap too much to make sense holding both?
Nice background -- Go Blue!
Men take notice! He wears the shirt & tie combo that looks better than any of the others.
I see that Michigan helmet on your shelf. You must be very happy today!!!
Ginger looked like a sweetie pie! Condolences on her passing. 🙏🏻 It's always hard to let them go 🐾
The power of compounding and less waste.
Beautiful Puppy. Sorry for your loss. It's hard to lose a true companion.
Sorry about your doggie. That's always a tough loss.
Sorry to hear about Ginger 😢
good schmidt.
I'm not sure why anyone would want to take more than $89,999 yearly as any more would trigger an increase in Medicare payments.
Retired Saver
Retired at 57
George from York, PA
Ginger had a good long run, we should all be so lucky RIP Ginger :(
So sorry about your loss of Ginger. I had to euthanize Reggie, my 18yr old cat a couple of weeks ago. I truly sympathize. It's VERY hard. Thank you for all you do.
I’m 68. I’ve been taking retirement since 65. Take home averages a month. My wife takes home about half that.
bravo. love dogs too.
Love your dog! I'm sure you miss her.
First & foremost, my sincerest condolences for the loss of your Ginger. Eighteen years is a wonderful & blessed amount of time to build heartwarming memories, Steven! We lost our GSD at age 7 due to a rare & sudden blood cancer, so my sympathies are kind of blended with a degree of envy.
Thanks for this most current batch of (Gross) Retirement Income for a household! Thanks to some foresight on my part a dozen years ago, I finally get to include a monthly Annuity check of $2,000 to our SS benefits. Makes a big difference, and greatly reduces the need to tap into our remaining nestegg of IRAs + investments for income.
Love it
It would be interesting to know what portion of the income included in this data comes from (1) pre-retirement work, (2) Roth conversions, and (3) RMDs. Those "income sources" may not be entirely used in the short term for expenses but simply reflect flows of cash in ways that are designated as "income".
He said below another comment that a lot of the income came from withdrawals from retirement accounts. I don't see how the comparison of income is that useful, in that case. Some people will withdraw a lot, but some will avoid withdrawing much at all. We have no way of knowing how much any of those people actually have.
It may not be accurate to two digits but one assumes that no one takes 100% of their IRA in one year. For those over 72, 4% or maybe the RMD may be decent numbers.
The government could figure this out, of course.
I’m so sorry for your loss of Ginger. Their departure leaves such a great void in our hearts we are never prepared for.
Why does activity level affect income? I can understand expenses down or up, even. I don't understand income going down. Perhaps non-inflation adjusted retirement?
Sorry for your loss. Nineteen years is a long run and will make a special place in the heart.
When i graduated college and chose my lifework i chose to follow my heart and work at a nonprofit organization. I never regretted my choice but i never recieved any advice about the impact this would make on my long range financial wellbeing. I have no regrets but i didn't really understand what the impact would be.
Sorry for your loss of your beloved Ginger.
Thank you Sue
Interesting video, so I decided to subscribe to your channel. Have a data point that is off the very low end of these tables/charts. I know “somebody”, age 67. Retired 2 1/2 years ago and does not have any income, waiting until age 70 - SSI will begin at $52,092/year. Just living off savings and a brokerage account…actually up to now, just savings. Also doing Roth conversions every year. At age 72, pension of $97,426 will begin. Total income of $149,528 beginning at age 72, so that fits about in the middle of the study.
Would be interesting to know if there have been any studies done that include these type of retirees, although I don’t know what would be measured, maybe size of brokerage account and cash balance. Not sure there would be any point. I think the study you cite is more worthwhile.
The mode income would be valuable if you go by a range. Most likely ranges of $5000 increments with a sufficiently large sample. Better than the mode would be the percentage of the sample group in each $5000 range.
I am so sorry about your loss of Ginger. I have no doubt she was a gem and a treasure for your family. May she meet you again someday at the Rainbow Bridge. 💞
Sorry for your loss, I truly believe that our fur babies are one of God's greatest creations. Also thank you for your videos.
Your video provided interesting data but all I can think about is Ginger. It is heartbreaking no matter how old our pets become and it is incredibly sad since you had Ginger for 19 years. It says a lot about you and your family. The love and care she received gave her a long and happy life. We never stop grieving over our 4-legged children but soon we are able to think about them with smiles instead of tears. 🐕🦺🐾
Thank you Donna
Thanks Donna
Ohhh, so sorry about Ginger.
it was a real shock to learn survivors benefits for civil service workers is 1/2! however no costs go to 1/2, not taxes utilities, upkeep, insurance...etc
So sorry for your loss.
Excellent presentation. The difference between mean and median definition is profound.
Absolutely.
Run free with the stars Ginger. 💔
Brutal to lose a four legged family member. Stay strong.
So sorry you lost your Beautiful Dog!
Ginger lived a long and happy life, good for her, she lived a long and happy life because her parents provided her with a happy life. Give credit where credit is due, thank you for being great pet parents.
I might have missed it, but are these averages gross income or net (after taxes)? I'm thinking mean things about R.R. and taxing SSI benefits. And I was sorry to hear about your doggy's passing. She had a good run, I like to think, and beat the averages.
It would be great if you also shared 1, 2, and 3 standard deviations. Or gave top 30%, top 20%, etc.
I’d need to access the raw data for that. Let me see what I can do
The average social security check is $1710 a month. Most Americans don’t have pensions and don’t have that much in savings. The FRB numbers don’t seem to match other government and banking data that is out there. Would really like to see a breakdown of where this income is coming from.
Some retirees do discuss money, quietly, among themselves. The richest guy I know is 74 and has an income of $640K. If I compare myself to him, I'm way behind!
I think the best number for comparison would be to kick out the top 5% and average the rest.
Jeff,
On my Social Security Statement, it says my yearly contributions will keep being updated, to replace the lower contribution years. It doesn't mention a time limit. Does that mean if I work till age 72 my Social Security payouts will keep increasing? While I am collecting starting at age 70?
Tears for Ginger.
Is that a University of Michigan football helmet in your office?
Those over age 75, can’t believe $40,000 isn’t enough money, because they raised families on $10,000-$20,000
Medical expenses and house repair expenses.
They raised families 40 years ago. Inflation, dear.
It’s difficult to realize that things cost so much more than we ever thought
It's true that expectations haven't kept up with reality, especially in the last 20 years.
Ginger had a wonderful life, thanks to you and your family.
These figures are household income---correct? And so they are probably about married couples. I'm curious about single-person households. Is there any data?
Thank you for the kind words. Unfortunately no data in this survey. I’ll see what I can find because the question has come up a few times now
Are these income figures individual or household?
Good News - We are (rather will be) beating the median average without touching retirement accounts.😀
Bad news is the passing of Ginger.😢 I hope she had her best Christmas ever.
So sorry for the loss of your fur baby.
Go Blue! #1!
Sorry about Ginger...
are those numbers for households? So, median or mean HOUSEHOLD income, or individual income? For most households at retirement age, I know this will still be the same number of people (deceased/divorced spouse, etc), but for a good percentage, they will be 2-person households or more.
EDIT: Never mind. On rewatch, I just caught, at the 6:50 mark, you're talking household, or family, income.
Skipped to 10:52 to get to the average and median numbers. If you have any financial background most of the first eleven minutes is filler.