How Much Annual Income Do Retirees Have?

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Catherine of CA. In this world, it is best to rely on yourself. The minute you place your future in the hands of a husband, wife or government you are relying on the fact that things will always stay the same. You have to fend for yourself in this world, just as animals do in the animal world. Most animals living in areas where food is not abundant in the winter months have adapted themselves. The work hard all of the good months to put stocks of food for the winter months. There were no government handouts, husbands or wifes working on their behalf to save for their future. They do it all on there own. If you figured that Social Security was going to take care of you for the rest of your life, you are going to have a very hard time as you dwindle towards your elder years.
You can not blame anybody else for your situation. You chose to not save money, you chose to invest in individual companies and take the risk, you chose to have a family and work at a dead end job with low pay. These choices in life have created your situation. You have nobody to blame but yourself.
I worked very hard over my life, I constantly saved 30% of my income no matter how much I was paid. I went without a lot of nice things, big screen tv's, dinners out, cable TV and such. I constantly learnt new skills to stay current with computers as they came to the for front during the late 80's and 90's. I spent a lot of time learning Microsoft products, MS WORD, EXCEL, Power Point and the like. During my career that ended in 2005 at 62 I never earn't more than 72k. However, as I saved 30% of my income each and every year starting since I was 26 I had amassed 3.2 million dollars. I continued my financial education and decided in 2006 to learn all I could. As such I had a well diversified portfolio and during the crash I was only down 19% at the bottom, however, seeing an oportunity to buy when the down hit 7200 I moved all of my bonds into the stock market. When the down was back to 10500 I then reallocated my money back to a balanced portfolio. So here we are today with 3.6 million dollars in my portfolio. I have since learnt the buckets of money strategy and moved my next 10 years of needed money to cash for living off.
As you can see, I had to constantly learn new things, live frugally and learn to invest. I relied on myself, raised 3 kids, and had my wife stay at home for her entire life. Unfortunately she passed away in 2007. I now live alone, have a great woman friend and visit my kids and grand kids monthly. My life is blessed because I used the principles in the bible to guide my way.
So your choices are : 1. Go back to work and save everything you can. Relying on the government to feed you is only going to make your life harder each and every year as inflation eats at the handout you are given...

Grotto of GA 4:33PM October 26, 2010

Monthly Part B Premiums for 2010 cost to you.
Income-related monthly adjustment amount.
Total monthly premium amount
Individuals with a MAGI of $85,000 or less Married couples with a MAGI of $170,000 or less $0.00 = $110.50 Standard Premium
Individuals with a MAGI above $85,000 up to $107,000
Married couples with a MAGI above $170,000 up to $214,000 plus $44.20 =
$154.70
Individuals with a MAGI above $107,000 up to $160,000
Married couples with a MAGI above $214,000 up to $320,000 plus $110.50 =
$221.00
Individuals with a MAGI above $160,000 up to $214,000
Married couples with a MAGI above $320,000 up to $428,000 plus $176.80 =
$287.30
Individuals with a MAGI above $214,000 Married couples with a MAGI above $428,000 plus $243.10 = $353.60
If you are married and lived with your spouse at some time during the taxable year, but filed a separate tax return, the following chart will apply:
Income-related monthly adjustment amount. Total monthly premium amount:
Individuals with a MAGI of $85,000 or less = $0.00 $110.50 Standard Premium
Individuals with a MAGI above $85,000 up to $129,000 plus $176.80 = $287.30
Individuals with a MAGI above $129,000 plus $243.10 = $353.60

Catherine of CA 8:31AM January 26, 2010

I worked and raised my children on my own without any assistance from any State entity. It was hard, but I did it. I tried saving as much as possible to my Senior years in the thought of retiring and getting away from the 'man' and a chance to relax for once.
I just retired at 62. Last year I was told my Medical payments would be $96.40/mo. But when I signed up for it this month, it is now $110.50/mo. I know that doesn't seem like much, but it is when you are counting every penny.
When I asked Medicare why it had gone up this year, the woman said that Social Security recipients received a 5% increase in 2009 so the new enrollees have to pay the higher premium. Later on all recipients will pay it. I told her, okay we all got 5% last year. This was due to the run-a-way economy, gas prices, rent, groceries, etc. This year, we have been denied a raise and the cost of Medicare has gone up on us. Something isn't right here. Doesn't look like the President cares one iota for the people that have worked hard their entire life to support our political idiots! Just as any Corporate entity, once you've been used they'll just throw you away!!!!
AIG with Washington Mutual lost the majority of my retirement savings. Yet THEY are bailed out leaving me to fend for myself on the meager scraps the Government happens to throw my way.
Isn't there anyone out there with an ounce of sense to rectify this? The blind leading us into oblivion!
I'm not a happy person here.

Catherine of CA 8:22AM January 26, 2010

Averages for all the folks on social security does not help those about to retire to plan well. Please provide data on those who have retired in the last five years. Also, what are the other relavant amounts of pesnsions, invests, savings that the average recent retiree uses to finance their retirement.

John Pro of IL 5:42PM November 27, 2009

hello

bob of MT 8:25AM September 23, 2009

I can't say how history will remember George W. and the war on terror and Iraq. He did spend a lot of money on all that. But Obama is either crazy or just doesn't know what he is doing. He is out spending Bush and all the other presidents combined and is only 6 months into his first and only term as president. Make no mistake, he has ignored the wiser, cooler heads that advise him and gone crazy with spending our great grandchildren into unbelivable debt. He has made major auto companies into government run companies, his words closed private businesses by just saying they have to get out of the car selling business... these are privately owned businesses, not government owned, they were open and making money, employing thousands of people in decent jobs around the country, and boom, overnight at Obama's word they were forced to close thier doors. Find anywhere in the constitution where it says the government can take over a company and close its doors when it is not doing anything illegal. He wants to do the same to other business. His health care bill may be based on a need to improve some things, but not to destroy the best medical system in the world and turn it into just another socialized medical system that does not work well in any other country. Did you know that the government did a test trial of this in the state of Hawaii and it failed so badly that the state stopped it due to everyone complaining about how bad it was, and it was stopped and went back to the normal medical system we know is the best just 7 months into the trial. This plan could have some good ideas if Obama was open to other people's ideas, but he and his little group of advisors think they know it all and what's worse they think they know better than you what you want and need for you and your family. We may have been in the frying pan with Bush, but we are quickly falling into the fire with Obama. And frankly I'm tired of hearing Obama blame everything he doesn't know how to fix on George Bush. Yeah, Bush made some mistakes, but we still had America and independance when he left office, me and a lot of other people are just catching on that Obama doesn't like America or a free democracy and wants to change it to France, England, Saudia Arabia or some combination of someplace where there is socialism and a king... and I think we know who he will nominate to be king. I hope I am wrong, but it sure looks like he is on that road and a lot of blind, ignorant people are just following him down the road licking their chops hoping he will throw them a crumb.

Daniel O of IN 11:59PM July 29, 2009

I retired 5 yrs.ago because of med.problems,at the time I was a laborer for one of the largest manufacters in the U.S.makeing $14.00 per hr.here in the south when the 401k started we were the last to know.I had'nt saved much before things whent bad with that and the economy.I'm in the percent that was'nt blessed to own their own com.or earn a decent wage or pay for health care.When I left health care left and them guys getting $15,ooo per month something aint right

John Gray of AL 8:36AM July 21, 2009

...but conservative as to budget matters.
Agree with the first commenter that this war has done such damage -- in terms of both our country's treasury and our reputation abroad.
Don't think Obama will be able to do all he would like but I'm so grateful he gets to try.
It is sad there is such divisiveness now in this country. Please give him a chance.

HarryLou of VA 1:55PM July 19, 2009

Obama and the current administration wouldn't have to spend money to jumpstart the economy if the Republicans hadn't bankrupted the country with the Iraq war and the loose banking regulations. Bush totally wrecked the US the past 8 years, and we wouldn't be in this mess if he hadn't been such a total idiot. Everything in this country's infrastructure is old or broken - roads, bridges, electrical grid, energy, education, healthcare, you name it - they ignored it. And who pays: we do. Obama has fires on so many fronts it is just ridiculous. And that doesn't even begin to touch the international issues. He's doing a good job so far of addressing all the issues this country has to face. It's not an easy job, but there isn't anyone else I would want tackling it right now.

AT of MN 1:43PM July 17, 2009

My family NEVER spent more then we earned..always saved and in the mid eighty's we were very comfortable and had half of what we figured we would need invested in order to retire in another ten years. Well,two recessions later plus many other financial disasters along the way and guess what...I worked until 70 and my husband until 79 and we are now in Brazil, Mexico etc. looking for a place to make our dollars stretch. The cost of everything in the States except for housing is up and the dollar is shrinking fast. If either one of us lives into our 90's we will be in big trouble!!! I never thought I would give a hoot about the little bit that would come in from SS, but as angry as I am about how little it is and how the gov. has ripped us off...I am glad its there to help bridge the gap!! We should all sue the Government that has done so much better for themselves....I just read that every bloody person that has ever served in the Senate gets $15,000 a month to retire on !!! Blows me away!!
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Suzanne 12:33AM July 17, 2009