Average Retirement Income – Above Age 65 Statistics
Every year new people enter retirement and the average retirement income fluctuates as the economy permits it to. In 2016 the Bureau Of Labor Statistics data reported that older households that 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.
Since 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 will make the kind of money throughout their life to receive such a retirement check every month. That’s 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. However, 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 looking to build wealth after fifty. Wealthy Affiliate teaches you the process 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 statistical data reporting? There are over 100 million households in America and technically only 3.5 percent of them are considered wealthy. Many close to that income are considered well off but fall shy of the 3.5 percent even though they’ve achieved success.
Based 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, 95 percent of America’s millionaires have a net worth from $1 million to $10 million. That leaves only 5 percent that is above the $10 million thresholds.
An article in Fortune stated that the daily millionaire threshold average will increase to over 1700 each day. They also stated 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 people contribute to some of the groups that will become new millionaires when they sell their assets.
America had 540 of the 2153 billionaires in the world according to the world’s richest people list from 2016. In recent years that number has climbed to 575 from the most recent research that I 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.
A report by Northwestern Mutual stated that Americans with retirement savings had averaged $84,821 saved. That is far from enough for retirement purposes. Their quarter report shows 16 percent of Americans with retirement savings between $75,000 and $199,999. This means there are many people without retirement plans.
This is why I encourage people to get involved with more than one business as early on as possible. It gives 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. Consider if you can still physically do that type of business in ten years.
This is the main reason that I look for the best online business instead of a job I would hate to do. I personally know people in businesses that have a hard time doing physical work. It used to come easy to them every day.
Many people have successfully scaled their businesses and hired others to do work that they can no longer do themselves. However, not everyone does that, some wind up looking for employment and close their businesses.
Some business owners I know had injuries along the way that now hamper everyday work and business practices. Low-paying jobs or owning a small business can go either way and retirement saving might not be an option.
Why Wealthy Affiliate
One big reason I chose Wealthy Affiliate is that I wanted to learn from the best affiliate programs. My goal is to create streams of income online and secure my future retirement years. Working online is something I can do for years without worrying if I can still do the work or not.
I will always be able to do online work in the comfort of my own home.
I spend all of my free time building my businesses almost every day with Wealthy Affiliate. I work from the platform creating content on my sites and the results are outstanding.
The platform is the best to create almost any kind of content site. Monetizing the site’s pages and posts is a snap to do. It just doesn’t get any better than when it pays you over and over again.
There are many people that just want to know how to earn money online without investment. 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.
My suggestion to everyone is to join Wealthy Affiliate free and do everything available to them to start out. Then join as a premium member when ready to advance. When you do decide to become a premium member I suggest you take advantage of the yearly discounted price over the $49. Monthly charge. Your good for the entire year!
A Comfortable Retirement
What is considered to be a comfortable retirement? That depends on location versus the type of income earned. The income may be by way of a business or by employment. Some areas are very reasonable for things like rent or to own a residence. Other areas can cost more than some people will earn per year total, that’s a fact.
For instance, the $45000 a year mentioned above wouldn’t do well in larger cities like NYC or Los Angeles. That’s because the cost of living being so much higher.
Then again some other areas of America don’t have such high costs of living. You could live very comfortably on that amount of money per year.
Obviously the more earned per year in retirement matters as to how well you can live out your retirement years. The amount determines where you can live those years out most comfortably.
Many people move to southern locations to retire like Florida or Georgia. Some retire to one of the Carolina’s, while others might retire to the Lonestar state of Texas.
The weather of the southwest draws a lot of people to retire in Arizona as well. Legalized gambling among other things draws a huge number to move to Nevada. How well you live in retirement depends on the city you live in as to how comfortable you can live.
Professional analysts say you should aim to have a nest egg of over $1 million. Also, 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 to take control of your life and create your 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 lives in poverty from the above data.
These are staggering numbers from 2011 that have grown with time. Unless able to recover and become successful there will be no decent retirement awaiting anyone already living in poverty.
This is a huge reason why people need to take control of their own destinies and strive to be successful. Some other statistics state 1 in 8 Americans lives in poverty in America, that’s huge!
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 everyone should change their future to secure a better retirement.
There are many people who have changed their lives from living in poverty to having a nice income. They succeeded through their own determination and 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’ll earn more money in the years ahead. Besides having a great community, Wealthy Affiliate helps you achieve goals you may never have thought possible. Take action and join the Wealthy Affiliate free starter membership right now and brighten your future.
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