AVERAGE RETIREE INCOME: HOW DO YOU COMPARE? 🤔
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- Опубліковано 11 лип 2024
- Curious how your retirement compares to others? Today our advisors are covering the average income, average retirement expenses, and average social security in retirement! With these retirement income numbers, we'll also be covering a few different ways to increase your retirement income!
0:00 - 0:47 How does your retirement compare to your peers?
0:48 - 2:42 Average Expenses In Retirement
2:43 - 4:59 Average Social Security Benefit In Retirement
5:00 - 8:00 How to increase income in retirement
8:01 - 10:12 Average Annual Income In Retirement
10:13 - 10:42 The 66th funniest advisors in the country.
Jazz Wealth Managers helps individuals and families achieve financial security through retirement planning and investing strategies. Our videos offer actionable guidance on navigating Roth IRA's, 401ks, IRAs, Social Security, and more. Whether you're approaching retirement or just getting started, learn how to make informed financial decisions for a prosperous future. Subscribe for more!
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Thanks for watching! If you're one that likes to compare plans, how do you compare? Let us know! 😎
Based on my limited experience in retirement (24 years) all I can say is that the average expenses presented at the beginning of the video are crazy high. I maintain two cars and a 36' boat for under $50K a year. When I sell the boat my expenses will be more like $36K. Those expenses include state and federal income taxes. My housing costs run about $7K per year. Oh yeah, my expenses are for two people.
Having a house paid off is a huge advantage for retirement really. Well, no outstanding debt in general.
100% agree! 🙏
Great advice
Even once the mortgage is paid off there is still insurance and taxes. The amount that is paid into my escrow is nearly half of my total mortgage payment. I'm 6 years from paying mine off and was thinking about that the other day.
@@TofuInc Property taxes and such are a big consideration for use in retirement, looking at the difference between, say, Mass and AZ where we are. And then insurance costs, etc.. But being mortgage free still has a large impact for us. We just looked at a Sun City AZ property that is 1100sf, 2bd/2bth, in a 55+ that is only $220k. We could sell our current home, buy that cash and yearly expense is then $714 for property tax, and $1600 for HOA (Access to all Sun City clubs, courts, pools, etc), so just around $200 per month for that. That is low enough to be our winter home and look for a summer home (yeah, 113 degrees yesterday!) with a similar price/setup as well. And then looking at buying some tiny homes on properties we own and rent back to the kids as well to help them afford to be out, but that is a whole different story. All the best.
Worked for local and state government for 31 years. Had a lower income than I could have had if I went to the private sector, but the pension and supplement health care were well worth it.
As a teacher I can say the same thing.
You definitely have my sub. This content is next level. For me Eledator was the turning point. Please keep doing what you do and keep being you, love it.
The content is next level! Eledator may be a scam but appreciate the comment!
Great info this week Boys, keep it coming.
Thank you, Bruce!
We're ok. We own our house, no debt. We've lived below our means and invested. But I also got a late start on a good paying career so part of that was making up for lost time, which is hard. I'm retiring a week from today and I'll be 64 in a few months, so a teensy bit early. We'll have about the same after tax income in retirement as we're living off now and we're going to let social security sit until at least 67, most likely 70. So I have no complaints. I think we could even give ourselves a bit of a raise but I'd rather be a bit over cautious than spend money we'll wish we hadn't in a couple years.
Be careful about "waiting"--for anything. My spouse died at 67. Not part of the plan.
@@jh-mp8so Yup. We've balanced living for today and preparing for the future. Nobody's guaranteed any time on this planet. I am saddened to hear of your loss. I hope you had good years together.
waiting out on SSI mathematically is proven to be a bad idea
Love the topic!
Thank you!
Great Video!
Thank you! 👍
Why would one want to compare with others? You are the one who control your spending and your happiness.
A lot of people just like knowing how they stand amongst their peers.. but totally agree with what you're saying! Thanks for watching!
Production quality looks MUCH better fellas.
Thank you! 🙏🙏
I think the veteran benefits look low cause it’s averaged out among all of those getting zero. Wonder what % of retirees are veterans.
Fresh you're talking about expenses. Comfort is about the gap above basic expenses. Managed that for FI early.
You're totally right! 👍 Thanks for your input!
Your not contributing to a pension if you are retired.
That alcohol budget is a little low though
Just a little low right?? Ha ha
51yo we make about 100k No pension we have both a Roth, Traditional and a brokerage lets say debt free with 800k saved 75% retirement and 25% brokerage. Wife will take small SS at 62yo I will start mine at 65/67yo as I plan to work part time till then. My plan is to take the max income for 0% tax on capital gains (2024 is 94k) budget for that and then pull from Roth as needed to fill any gaps. All unspent funds filter back to brokerage increasing Divs and reducing amount pulled from traditional. If investments do well or I save more maybe delay SS until 70yo and use as long term care. Seems like with the standard deduction taxes should be minimal maximizing the root benefits of each income. Or am I over thinking it lol?
waiting out SSI is mathematically a bad choice
@@blade643 SSI is mathematically bad in any choice lol. I'm thinking of it for more of long term care insurance after 70yo if its not needed for normal living expenses before 70. SO even if I deplete my investments or the market takes a large swing down in my late golden years I will still get a larger SSI for the balance of my life. I will have a pro run the numbers when the time comes
@@BTBLive please do! Best of luck
Easily cut the tobacco and alcohol from expense and you can save a few thousand.
Easier said than done for some! 👀 Thanks for watching!
Surprised the income is that high. Seems like few people have $1m in retirement.
Almost 10% of US households have over 1 million net worth in 2024. Mostly from including the value of the house.
You seriously need to get Revux right now!
OH y'all decided to show back up to work I see. Good Gravey, I been like a Hunter biden on feta cheese over here going thru withdrawals. Thought maybe you guys at Jazz was going for your monthly back wax or something else you yuppies get waxed. Didn't see a going live email last night.