Average Retiree Income by Age | How Do You Compare?

The comments here are usually insightful, but man the A.I. spambots are overloading it.😞

People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?

most people in the USA don't have any of these things. that's why we always refer to the 1%

the poor made minimum wage and couldn't save. and now have to live of SS

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.

Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.

These videos NEVER state whether these figures are gross income or net income.

Please do a segment on 1099 contractors. I and my wife have our own LLC and spin off 2 1099 each year. We are boht 65 years old and plan on working until age 70. We have low 6 firgure assets and earn about $100k each per year.

I’m 63 and went through a divorce I currently work full-time and a on call job . I only have saved 35.000 part of that is in a 403 account 25,000 of it which is losing money right now. I also have a older sister living with me the pays no expensive because she hardly ever work throughout her life also have a younger sister, who depends on me to buy her thing, she’s also on Social Security disability. I have lots of medical issues right now, but I am currently working on getting healthier. My question is what can I do to cut down my expenses I am still paying for my condo. I owe 95,000 on it is currently worth about 289,000. I have a car payment which I owe 22,000 on my car. I plan on working answer 67 and maybe keeping it on call job since I don’t see my two sisters going anywhere or ever helping me what help can you give me our information?

It's amazing to see AMC doing well after all the doomsday analyses from naysayers. The stock market is a device for transferring money from the impatient to the patient - warren buffet. It's good to remind people of this right now; you buy on fear and sell on greed or just hold through it all for the long term. It’s easy but lots of people forget.

I'm nearing retirement in three years, and despite having solid companies in my portfolio, my profits have stagnated in this uncertain market. Are there any calculated profit opportunities in this recession?

Why average and not median?

In my opinion retiree income is important but the most important number in retirement is total net worth.

Why would anyone care about how they "compare" to others? Unless you are the poorest person on the planet, or the richest person on the planet, there will be people who are poorer, or richer than you. Get over it.

I'm 52, have $287,000 in 401k, 20,000 in savings, 10yrs left to work which will put me at 30yrs with the same company. No idea if I'm "on track" "off track" or if I'll ever be able to retire.

Great thoughts! The year is almost over and very glad about the decisions I have made so far. Investing in the market earlier this year regardless of the market conditions has saved my life. I made over 70k USD with a start of 25k in the last 7 months. I know it's nothing compared to what others make but I'm glad I'm changing my finances. If things keep going well I might retire soon>.

I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.||

I’m 62 with $20m saved up.. I’d like to retire now but not sure I have enough saved????

Interesting that you say that people who worked hard have a good retirement income. I think you need to realize that that's true for men but not necessarily for women. More retired women live in poverty than men, and it's not because they didn't work hard. There are two reasons. The first is that there continues to be a pay gap between men and women. The second is that women are forced to take time off during their earning years to take care of family members, beginning with their children and possibly ending with their aging parents. Men are much less likely to do this. This care work is certainly hard work for which women receive no compensation. Next time you're going to offer advice that only applies to men, please post a warning label at the beginning of the video.

Why are we spending billions to help Ukraine and to help the illegals that are overriding our cities when all of us who have worked for decades get a measly 2% raise in Social Security once in a while? What’s wrong with this picture? Let’s help our people at home instead of helping all these illegals that are taking advantage of us

I'm single and your numbers are quite accurate! You see how much deep do-do I am in with this insane inflation!

Why are IRA limits kept so LOW ($6K/$7K)? They should be made the same as 401k limits so that folks without a 401K can be on equal footing! At this point I'm focused on short term investment opportunities with returns in 2024.

I realized that the secret to making a million is making better investment. I bought my 1st home at 21 for 87k sold for 197k, 2nd home 170k and sold for 320k, 3rd 300k and sold for 589k and buyers paid all closing costs expenses etc Not making up to a million before retirement is unfulfilled retirement.!!

Thanks for the income information. As couple our gross income is close to the mean, but much higher than the median. What is most concerning for us is inflation. Asset values have been hit hard since 2020. We've been buying TIPS and short term treasuries to take advantage of higher interest rates.

I’m 63 now, and SS would be $2300 it I took it, $2450 at 64, $2660 at 65, $2860 at 66 which is where I think I’ll take it.

My roughly $1.1MM (not all I have) is throwing off ~10% in divvies (though some MLP stocks will be taxed). I give up “gains” for income. I’m also in a private partnership that throws off ~ $12k/yr

So at 66 I’ll be getting ~$33k from SS. That will take me to ~$150k/yr. House is paid off.

And I still have a very large reserve just in case.

If the idiots in DC don’t get us all nuked, I’ll probably make it to my mid-80’s where if my health is not so good I’ll just check myself out of the game.

Thanks for the update. I will advise traders, especially newbies, to have an orientation of the market before getting involved. I must say trading offers more benefits than just holding, thanks to this Instagramer Landra Lilly Macy for always keeping me ahead of the trend, so glad I started the program with her..

This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!

Always found it interesting when people panic because their stock market investments tank for some reason. The only money they may actually lose is the amount they contributed. Any other loss is stock value that they did nothing to earn, and for them only exists on paper. Remember, you can’t lose any more than you actually paid in yourself.

It doesn't matter what your income is. What matters is your net worth.

No matter how I sliced it, I’m now 63, the numbers didn’t work for a comfortable retirement, so: bought a house in Mexico (paid cash) selling my house in the U.S. and will bank the proceeds. In the end I can retire in Mexico with zero debt in a house that’s paid for. Live easily off social security, dip into my retirement 401k only in emergencies, and enjoy retirement.

People who live in a well-maintained house, with a paid off mortgage, need MUCH less "income" than people still paying on a mortgage, or paying rent.
Buy a house, pay off your mortgage, and set up a Trust, are the three keys to winning the Retirement Game.

Or for some others, you pass on before you can even enjoy any retirement.

Thank you for clarifying mean vs median. People get so fixated on the average (mean), when what they're really looking for is the typical (median)

Finishing year two of retirement. Haven’t needed to touch any of my investments. Nice pension plus high social security. Still make enough to invest a little each month. I’m heavily invested in lithium, both hard rock and DLE. When the companies start production I expect the stocks to go 4x to 20x. EVs are the future…might as well capitalize on them. Look at what happened to Piedmont when they started production…PLL went from $5 all the way up to $80.

We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.

I'm 91 years old and retired when I was 68. I have a federal pension and SS amounting to $47,000 a year. I live alone. I own my home and have no mortgage. I have no debts. My living expense is less than $40,000 a year. I'm doing better than the average person. Planning your life is critical.

Your on screen amount need to be left on the screen longer or else how do we know what you are sayin?

Get rid of "guber" smile in title pg.

Oh bull. In most cases the two people don’t bring in equal levels of retirement yet his numbers pretend they do. The same one person that brings in the brunt of it when single is also the same person doing it most likely when married. If you want to give even remotely accurate numbers first you need to drop the part time employment nonsense, drop the 1% nonsense and actually probably up to the top 10% nonsense as well as claiming that each single person in a couple some how made better retirement decisions than the average single person.

People with part time jobs don’t consider themselves retired. Retired and being 65 or drawing social security are not the same thing. This bs is making assumptions that are not pointed out to begin with. Like I said, “retired” people are not working “part time”. If someone is still working, even part time we either call it working part time or possibly semi-retired. But, semiretired implies someone is working.

LOL. People typically don’t have all three. Anyone who has worked as they should either has social security or a pension that replaces social security. Everyone that wants to work can work. So everyone has at least two of the 3 and most likely all three if they wanted all 3. The requirements are low to qualify for social security and anyone can work.

Quite accurate? ROFL. Census data is based on data gathered by what someone claims on a survey. There is no corroboration or evidence of what someone is telling the census is either true or not. Hardly what I would define as quite accurate. People lie to obtain more government assistance for specific groups from the taxpayers. People lie because they simply don’t want to admit the bad choices they made. Not accurate at all.

All the money in the world wont buy you great health. Most Americans are taking Rx drugs, especially after age 65.

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

Interesting to see the different income levels, especially the variation between mean and median. Not gonna lie, I first saw the mean and thought I was behind until I quickly figured out that it wasn't the median...whew! Ultimately, it's a little meaningless as income, especially in retirement, is somewhat malleable...we all decide how much additional income to take and in the case of Roth IRAs, distributions aren't even taxable. Personally, we don't need much income so no need to increase our income and in fact we're still sporting a 50+% savings rate as we're still accumulating for the tax savings alone mostly at this point and we've got 15 years to go until FRA.

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

Thanks for the information. I’m about average in the group, so I appreciate your efforts on this video, Geoff.
One thing I never hear about in retirement videos is death. How do you reconcile that into your plans?

Are the income examples gross or net? Thank you, I enjoy your channel!

The Single incomes are also lower due to divorces.