$35,107: Median household income of seniors in the US
Across the US, senior citizens (defined in this study as being over the age of 65) are significantly underfunded for their retirements, according to an analysis by Interest.com. The median household income for seniors is $35,107, which is about 57% of the median income of Americans ages 45-64. The exception for this is in Nevada and Hawaii, where seniors' median annual incomes meet recommended savings benchmarks of having enough to replace at least 70% of their pre-retirement income.
At a time when more and more people are losing their pension checks, Social Security has become a primary source of income for many. But the generally low payments of Social Security are rarely considered enough to be a sole source of income. In fact. the Economic Policy Institute reports that about 20 million seniors, which is almost half of the elderly population, have incomes that put them quite close to the poverty line. With the longer lives and lower yields people are seeing, it's time to take a new approach to investing. It's time to be an investor again.
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Sources: CNN Money, "Seniors in 48 states face serious income shortage," 6/10/2013; Interest.com; Economic Policy Institute
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Prepared by BlackRock
Delivered courtesy Joel W. Grams, CRPC®, CLTC,
Registered Representative, Financial Planner, 212 Capital Group
38 Main Street Suite 360, Westlake Ohio 44145
(440) 835-4501 Ext 17, jgrams@212capitalgroup.com
The foregoing discussion is general in nature and not intended as specific advice. New England Financial nor its representatives are engaged in rendering tax, accounting or legal advice. A qualified professional should be consulted regarding the effect of such considerations on the matters covered in this publication.
For information on New England Financial insurance or other financial products and services, please contact
Joel W. Grams, CRPC®, CLTC, Registered Representative, Financial Planner with /New England Financial 38 Main Street Suite 360, Westlake, OH 44145, at (440) 835-4501 ext. 17, jgrams@212capitalgroup.com
.
New England Financial is the registered mark for New England Life Insurance Company (NELICO) Boston, MA 02116. Securities and investment advisory services offered through New England Securities, Corp. (NES)(member FINRA/SIPC) a Registered Investment Advisor. NELICO and NES are MetLife companies.
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