Category: U.S.PffStat

Personal/Family Finance statistic

[18]typical U.S.retiree income #SSA++

Posted on by tiger40490

 

https://www.newretirement.com/retirement/average-retirement-income/ has some data

— XianHua said a U.S. retiree in his situation

  • receives $1400/M from SSA, although Bob Wells (cheapRVliving.com) gave real-life data — many of his fellow retirees receive $600-$1000/M from SSA.
  • pays about $1500/M pTax if owning a home
  • pays about $1000/M health insurance, much needed in old age

Sg offers a more affordable retirement, in terms of Melvin3.

== 2020 data:
The Pension Rights Center reports that: “Half of all Americans age 65 or older have total incomes of less than $25k a year”, presumably including SSA + 401k + pension + work.
Are $0 data points included? Probably Yes.

Note the Census shows HRI (“household retirement income”), without explaining. If a household has 1 retiree and 1 working, then I believe HRI would only include the retiree.

— SSN: cost of living adjustment raised the average monthly SSA (Social Security payment) for retired workers to $1,503 in 2020 from $1,479 in 2019. I assume this average ignores those receiving $0.

== 2019 data:
In 2019, 2020 and 2021, the Pension Rights Center estimated that that most older adults have little in savings [including 401k, excluding pension, SSA]. Only 66 percent receive income from financial assets. Half of them (i.e. 33 percent of total) receive less than $1,754 a Year (not “month”)

The median savings among baby boomers is $152,000 per person.

— Social security payout, in comparison
“Average monthly Social Security payment for retired workers is $1,461 in 2019.” I assume this ignores those invisible retirees receiving $0.

Median is unspecified, most likely lower than Mean. I assume a large number of monthly amounts are small amounts.

[20] U.S.income: 3segment

Posted on by tiger40490

In a 2020 CNBC survey, “financial elites” refer to those with $50,000 or more in investments and an annual household income of $75,000 or greater

In a May 2016 commentary in Business Times, Robert J Samuelson pointed out that in terms of annual household income the US “families” can be classified into 3 segments:

  • above 100k: 25% of US Population belongs to households earning above 100k
  • 40k to 100k: 1/3 of US population belongs to households earning within this range
  • below 40k: 40% of US POPULATION belongs to households earning below 40k

These are easy numbers to remember. Note in economic science, there are exact definitions of “household”. I will just call them “families”.

AVERAGE household income is skewed by the wealthy outliers (“average GS bonus” shit). Instead, let’s talk about median household income. As of 2013, US median household income is about $43k pretax.

— typical U.S. household cash flow level, as reflected in the Mar 2020 $2 trillion covid19 rescue package

  • The /bill/ provides one-time payments of up to $1,200 for most individuals and $2,400 for most married couples filing jointly, with an extra $500 for each child. A family of four would receive $3000.
  • /Assistance/ starts to phase out for individuals earning more than $75,000 (ending altogether for those earning more than $99,000) and for couples with more than $150,000 in income,

I’m surprised that a one-time $2k 红包 would mean a lot for many U.S. families.

It then dawned on me that my fellow ibank tech professionals are a wealthy privileged class in this society.