Average Retirement Income

 

Above Age 65 Statistics

In 2016 the Bureau Of Labor Statistics data reported that older households which are considered to be 65 years of age or older have an averaging spending budget of $3800 a month or $45,756 a year. All US households combined monthly average spending is about $1000. more than the above figures for the 65 and older group.

Average Retirement IncomeSince these are actual statistics you can account that a number was selected to create a poll base for the data, however I think the numbers are much worse than the above figures. There are many people that will never see the average retirement income described in the above statistic reporting.

I think the reporting is correct, but I think it seems to be more towards the middle class, not everyone makes that kind of money through their life to receive such a retirement check every month. One of the reasons I got into affiliate marketing was because of my retirement or the lack of a decent one.

I had no idea at the time that the average retirement income was over $45,000 plus for 65 and over, but I did know mine wasn’t going to be anywhere close to that amount. Not only did I discover that I love what I now do online, but my income is growing and in retirement I will have a really healthy extra income.

I highly recommend joining Wealthy Affiliate for any age, but especially for anyone over 50 years old looking to earn more money in the long term future. The training will help you create an income that will increase over time and set you up for a very prosperous future.


Wealth In America

Have you ever wondered what number is considered to be wealthy in America by statistic data reporting? There are over 100 million households in America and technically only 3.5 percent of them are considered wealthy. Many that are close to that income are considered very well off, but fall shy of the 3.5 percent even though they’ve achieved success.

Average Retirement IncomeBased on the above numbers there are 3.5 million millionaires out of the 100 million households in America, that’s an astounding amount of wealth that exists. An interesting fact is that 95 percent of Americas millionaires all have a net worth of anywhere from $1 million to $10 million with only 5 percent being above the $10 million mark.

An article in Fortune stated that the daily millionaire threshold average will increase to over 1700 each day for many years in the future and that by the year 2020 there will be 3.1 million new millionaires joining the other millionaires in America. This article was from November 2016 and with the economy now doing very well they probably already surpassed that statistic.

Back in 2016 almost 8 million households in America had valuable assets of over $1 million not including properties or luxury goods according to the report. That does not mean these households are cash rich, it simply means they have collateral worth over $1 million, these are some of the group that will become new millionaires when they sell their assets.

America had 540 of the 2153 billionaires in the world according to the worlds richest people list from 2016 and in recent years that number has climbed to 575 from the most recent research that I have found. The collective value of the 540 billionaires from the 2016 report adds up to $2.399 trillion, the rich get richer comes to mind.


 

Retirement Savings

In a report by Northwestern Mutual they stated that Americans with retirement savings had averaged $84,821 saved which is far from enough for retirement purposes. Their quarter report shows only 16 percent of Americans with retirement savings as having between $75,000 and $199,999, which means there are many people without retirement plans.

Average Retirement IncomeThis is why I encourage people to get involved with more than one business as early on as possible to give time for growth. Some businesses do not require a large start up cost to get off the ground and anyone can start a business with a good idea.

When starting a business you should think long term as in will you still be able to do that type of business in ten years. This is my main reason that I look for the best of online business instead of a job I would hate to do.

I personally know people in businesses that have a hard time doing the physical work that used to come easy to them every day. Many people have been successful scaling their businesses and have hired others to do the work that they can no longer do themselves, but not everyone does that, some wind up looking for employment and close their businesses.

Quite a few of these business owners that I know had injuries along the way that now hamper their everyday work production and their business practices. Low paying jobs or owning a small business can go either way and saving for a retirement isn’t always going to be in the cards if your business is struggling to stay afloat or you don’t earn enough to pay your bills.


Why Wealthy Affiliate

One of the biggest reasons I chose Wealthy Affiliate was because I wanted to learn from the best of affiliate programs to create streams of income online and secure my future retirement years. Working online is something I can do for years to come without worrying if I can still do that type of work or not, I will always be able to do online work in the comfort of my own home.

Average Retirement IncomeWealthy Affiliate trains you how to become a successful affiliate marketer through their certified courses for building an online business. I spend all of my free time building my businesses most every day working with the Wealthy Affiliate platform creating content on my sites and the results are outstanding.

The platform is the best to create most any kind of content sites and monetizing the sites pages and posts is a snap to do, it just doesn’t get any better than that when it can pay you over and over again.

There’s so many people that just want to know how to earn money online without a investment and while it’s possible that you can, it’s not likely that you will. Wealthy Affiliate is not a get-rich-quick solution, it requires time and effort to achieve success, it’s all up to you.

I suggest to everyone that joins Wealthy Affiliate to join for free and do everything that is available to them to start out before joining as a premium member. When you decide to join as a premium member I suggest you take advantage of the yearly discounted $359 price over the $49. Monthly charge, you save $229 a year and your good to go for the entire year.


A Comfortable Retirement

What is considered to be a comfortable retirement depends on what area you live versus the type of income you have earned either by way of a business or by employment somewhere. Some areas are very reasonable for things like rent or to own a residence and other areas can cost more than some people will earn per year total, that’s a fact.

Average Retirement IncomeFor instance the $45000 a year mentioned above wouldn’t do well in larger cities like NYC or Los Angeles because of the cost of living being so much higher. Then again some other areas of America doesn’t have such high costs of living and you could live very comfortable on that amount of money per year.

Obviously the more you earn per year in retirement matters as to how well you can live out your retirement years and where you can live those years out most comfortably. Many people move to southern locations to retire like Florida the sunshine state or the peach state called Georgia.  Some people may retire to one of the Carolina’s, while others might retire to the Lonestar state of Texas. The weather of the south west draws a lot of people to retire in Arizona and the legalized gambling among other things draws a huge number to move to  Nevada. How well you live will depend on the cities in those states as to how comfortable you will be.

There is some that may say you should aim to have a nest egg of over $1 million or that your savings should be 10 to 12 times your income. That’s simply not a reality for most people out there today, this is why it’s important for people to take control of their lives and create their own success for a comfortable retirement.


Poverty In America

In the 2011 US Census Bureau population report there were 46.2 million that are impoverished in America, that’s 15 percent of the US population. Statistically in reference to children under the age of 18 the percentage is 22 percent that live in poverty from the above data.

Average Retirement IncomeThese are staggering numbers from 2011 that have only grown with time and unless people are able to recover and become successful there will be no decent retirement awaiting anyone that is already living in poverty. This is a huge reason that people need to take control of their own destiny and strive to be successful.

There are other statistics that state that more than 1 in 8 Americans live in poverty in America, that is a huge number in terms of the entire population. It works out to over 40 million that live in poverty, that’s a very sad fact. This is why every person needs to change their future as best they can to secure a better retirement.

There are many people who have changed their lives from living in poverty to having a nice income and succeeding in general, through their own determination they were able to achieve a better way of life for themselves. There are literally hundreds of businesses anyone can start for under $100 these days that can become very successful.

With Wealthy Affiliate you can start for free and create multiple streams of income as you progress through the program. Having the security of future income gives you peace of mind knowing you will be earning a lot of money in the years ahead. Besides having a great community, Wealthy Affiliate can help you achieve goals that you may never of thought possible.


Thanks for reading my post and please comment and share.

6 thoughts on “Average Retirement Income”

  1. Dear John,

    Your article certainly made me to think more on the subject and I got helpful insights from your post. Thanks for sharing those statistics which is an eye-opener!

    Indeed, you are right we need to have a multiple source of income. The life of the middle class people are hectic and they are the ones who struggle throughout their life and as you mentioned it is advisable to start a part-time business.

    In 2016 I started my blogging career as a part-timer and I am not sure whether it will work or not but I want to get rid of my regular job which is a night shift job. So I joined Wealthy Affiliate in November 2016.

    To cut the long story short…

    I am still with WA and since December 2017 I am a full-time blogger working from home. This is not possible without WA training. So there are opportunities and genuine ways to make money online its all about how we want to lead our life and taking action.

    Much Success!

    Paul

    1. Thanks for leaving a comment Paul,

      The sad facts are that the statistics will only grow over time and people really do have other options out there to try and earn online income. 

      Congratulations on your continued blogging success that all become possible because of the best training to become a super affiliate marketer. 

      Wealthy Affiliate really is the best training on the internet for learning the process of affiliate marketing.

      With so many people living paycheck to paycheck these days WA is an excellent way to learn another business.

      All The Best 

      John

  2. Your figures are astounding. I have never paid much attention to financial trends. I also didn’t plan ahead for retirement and now I’m scrambling to find ways to increase my income.

    I didn’t expect to be having health issues in my fifties but my body is not as strong as it used to be and I’m having difficulties keeping up with things like I used to. Many of the household chores I used to do myself, I now have to pay someone to do. 

    I am self-employed and do not have any employees but the work is much harder on me than it used to be. I’ll need to find other work that is not physically hard and can generate a decent income.

    Wealthy Affiliate looks like the perfect solution to several of my problems. Thank you.

    1. Thanks for leaving a comment Theresa,

      You are absolutely correct and that is happening to so many people that are now in pain and have no real retirement coming to them. 

      I know people that have had to spend their retirement money on other pressing bills because of injuries, life isn’t always fair. 

      If you sign up to Wealthy Affiliate and complete all of the courses and apply the techniques of the processes learned you will succeed over time. 

      Give it a year to happen.

      To Your Success

      John

  3. Hey John,

    This is an informative and unique article I must say. You have covered an unique but essential topic for your article. As you have stated that the Bureau Of Labor Statistics data shows that average spending budget of a 65 years or  older retired person is about $3800 per month. So everyone should be aware in securing their retirement age so that they don’t have to face financial problems on that age. I think Wealthy Affliate is one of best way to secure one’s retirement age as there are so many ways to earn.

    Thank you for writing this helpful article.

    1. Thanks for leaving a comment Extrovert1,

      The fact is, one day everybody at some point or another will be facing retirement whether it’s below average, plain average or above average we all go through retirement. 

      Wealthy Affiliate can make retirement years much more lucrative for many years to come. 

      I always suggest going premium with the huge yearly discount and save $229 bucks a year on the program, it’s so worth it and works out to about $30 bucks a month. 

      I’m glad you found value in this article, it’s an on going problem that people have no retirement around the world.

      WA can change that for many who apply themselves.

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