This post will answer the question “what is the average retirement savings for baby boomers?” This is an important question for the purposes of comparing your savings with those of other baby boomers. I hope it will influence how much you save starting now.
Bad News and Good News
Only 55% of Baby Boomers have some retirement savings. Of that group 42% have less than $100,000. This means that about half of retirees will be living off of social secirity benefits primarily.
According an article in investopedia called “Are We in a Baby Boom Retirement Crisis?” 54% lack enough money to retire. On the other hand, 26% of those age 55 to 65 have balances over $200,000. This is according to the Insured Retirement Institute.
Average Monthly Income
Another question is “what is the average monthly income of a household led by a retiree?” That number is $48,000 according to the (BLS) Bureau of Labor Statistics.
Median Income for Retirees
Here are the median income for retirees at different ages. Half of the reirees are above the median and half are below the median income.
age 55-59 $73,645
age 60-64 $63,919
age 65-69 $54,124
age 70-74 $46,797
age 75 and up $31,893
This information was reported by the Insured Retirement Institute (IRI).
You can see that median incomes go down with increased age. The incomes in the 75 and older line is less than half of the 55-59 line.
Income for Individuals Above 65
The income number for individuals above 65 is $24,224. This is for individuals not household income.
For more details see newretirement.com. This is very good website that has been around for many years.
You can set up an account for free. Then you can use their retirement calculators. You can also develop a retirement plan. Just fill out the information for the questions asked.
What to Do if You Are Going to Be Short Of Income
If you see from this article or newretirement.com that you are short or are going to be short of income here is what you can do. You can reduce your spending. You can increase your savings. Any change will be helpful. It is never too late to make changes. It is never too late to improve your future and your retirement. You can reduce or eliminate debt. That will allow you to save more. Eliminating interest charges can increase your spendable income. It can also allow you to save more.
Add to Your Income
Another thing you can do is to add to your income. You can work longer. You can postpone retirement a few years. This can make a BIG DIFFERENCE. If you are working part-time you could add more hours. You could even work full time. Or you could work in a sideline business to supplement your income. This is a good option for most people. You will not be totally dependent on your business but it could possibly double your income. That would be great wouldn’t it?
Best Businesses You Can Start
One business that has great potential for creating income is penny stock trading. Most people invest in large company stocks (401k) that cost a lot and move very slowly. You need something less expensive that can produce more income. Tim Sykes became a millionaire in less than two years. You may not become a millionaire but you could do very well thank you. You can discover more about Tim and how he became a millionaire in The Penny Stock Course. Please take a look at my post “What Penny Stocks To Invest In?” You really can make money with this if you know what you are doing. With Tim’s book and other materials you will know what you are doing.
Make Money Online
Another business you can start is an online business. You can start a blog. You could have your own website. Write about things that you are really inerested in. You can learn how to build a website within five minutes. Where can you learn how to do that amazing thing? You can do that with a website called Wealthy Affiliate. This is a great place to get an online business education.
Wealthy Affiliate Will Take You By the Hand and Lead You to A Profitable Online Business
Wealthy Affiliate is a serious and honest place to get an online education. Affiliate marketing is a way you can make money by selling other people’s products and services. That is easeier than trying to develop your own products and services. While these are not typical examples, I know about people in the Wealthy Affiliate community of over one million who make over $3,000 a month. That is nothing to sneeze at. It will not happen overnight. But it could happen to you in less than 2 years if you work at it seriously. The community is large and very helpful and supportive. You do not have to go it alone. This is a very important part of your education. I have been with wealthy Affiliate since February 2017. I am still learning every day.
If you like to learn new valuable things, this could be the place for you.
Benefits of Affiliate Marketing
1. You can make money on your website.
2. You do not have to pay to become an affiliate.
3. You can help promote products and services that you believe in.
4. You can learn about affiliate marketing on useful websites like Wealthy Affiliate
So if you are going to be short of income in retirement you can supplement it with Affiliate Marketing.
If you like this post please mention it on social media like facebook or twitter. I would appreciate it. Good luck with your new businesss venture(s). I will see you later on this website.