High Retirement Income Poll

[Luck_Club]

This group truly is exceptional. The most recent income poll had the OP wondering what the 30+% with $10K plus income might look like. So here we go.

You should consider all retirement income sources:
Pensions
SS
Rents
Dividends
Minimum Required distributions out of IRA's etc
Net Capital Gains (realized gains minus realized losses)

This should give a good picture of potential spending power, since it seems none of spend what we could.

 

[ERD50]

 

[Car-Guy]

Monthly or annual?

 

[NW-Bound]

As a continuation from another concurrent poll that lumps all high monthly incomes together, this one gives a finer breakout as suggested by Danmar.

I have no doubt Danmar and a few others max out on this scale too. We should be glad no billionaires frequent this forum (or perhaps some do ). You would have to do a poll using a logarithmic scale.

 

[Danmar]

Looks like you are still too low? Why are you so interested?

 

[yakers]

Monthly or annual?

Gotta be monthly, petty hard to live on $10K annually in the USand the title was 'high income' not tat mine is all that high $10-$12K but in a HCOL area.

 

[Car-Guy]

Gotta be monthly, petty hard to live on $10K annually

That's what I suspected too, but I've learned not to "assume" anything on most of the polls on this forum. Lot's and lot's of variables and different circumstances that often surprise me.

 

[Car-Guy]

I had to take an annual average since my income varies so much month to month. Last year my worse month was -44k and my best was a little over 62k. But over a 12 month average it was just under 15k. The year before that was better (I think) but I used the most recent annualized data since I just finished my taxes and it's fresh on my mind.

 

[euro]

This group truly is exceptional. The most recent income poll had the OP wondering what the 30+% with $10K plus income might look like. So here we go.

You should consider all retirement income sources:
Pensions
SS
Rents
Dividends
Minimum Required distributions out of IRA's etc
Net Capital Gains (realized gains minus realized losses)

This should give a good picture of potential spending power, since it seems none of spend what we could.

Can you clarify what you are polling? Thread title and your intro are confusing to me

 

[exnavynuke]

Can you clarify what you are polling? Thread title and your intro are confusing to me

He's asking what categories the people who were in the max level from the poll in this thread are in

 

[GrayHare]

Does income mean spending as in the former poll?

 

[Chuckanut]

We should be glad no billionaires frequent this forum (or perhaps some do ). You would have to do a poll using a logarithmic scale.

This reminds me of a joke:

Nine blue collar workers are at a bar enjoying a few beers. Their average income is $50,000 a year. Bill Gates enters the bar and joins them. Their average income is now $500,000,000 a year.

 

[euro]

He's asking what categories the people who were in the max level from the poll in this thread are in

Aha - thanks!

 

[Amethyst]

Before or after taxes? Since we can only spend what the tax people leave us.

 

[youbet]

This group truly is exceptional. The most recent income poll had the OP wondering what the 30+% with $10K plus income might look like. So here we go.

You should consider all retirement income sources:
Pensions
SS
Rents
Dividends
Minimum Required distributions out of IRA's etc
Net Capital Gains (realized gains minus realized losses)

This should give a good picture of potential spending power, since it seems none of spend what we could.

Some of this makes no sense. For example, why would an RMD count as income of you're not going to count withdrawals from a taxable account?

Because this is a group that tends to focus on EARLY retirement, which is often financed by withdrawals from regular, taxable accounts, it seems out of whack to not count planned withdrawals from taxable accounts but to count RMD's.

This should give a good picture of potential spending power, since it seems none of spend what we could.

What we're doing here is more of a tally of taxable income.

 

[ERD50]

Some of this makes no sense. For example, why would an RMD count as income of you're not going to count withdrawals from a taxable account? ....

And some may take their RMD, and not spend all of it. After all, it is "required", but if SS, pension, plus other income sources cover your spending, do you really count all the RMD as "income"?

If a tree falls in the forest...

FWIW, seems the vast majority of polls done here really make no sense, at least to me.

-ERD50

 

[Sunset]

Before or after taxes? Since we can only spend what the tax people leave us.

You don't spend money on taxes ??

I pay for taxes, ice-cream and groceries every year, it's all spending.

 

[Luck_Club]

Can you clarify what you are polling? Thread title and your intro are confusing to me

Total annual income/12 to come up with a monthly number. This was a follow on to another posters poll wanting finer resolution of the monthly income.

This poll kind of indicates potential spending.

The reason for Minimum Required Distributions is that is forced income.

I'm thinking pretax.

 

[6miths]

Yes I find it a difficult one to figure out. The reason the retirement income is so high and increasing is that a substantial portion of it doesn't get spent (and hence isn't really realized as income). Similar to the reason it is there in the first place - high savings rate during working years. Is the question asking what is the total increase in net worth from all sources over the year (then divided by 12) or is it referring to 'realized' income.

 

[Cobra9777]

...This should give a good picture of potential spending power...

Perhaps a better measure of potential spending power would be one's spending level indicated by FIRECalc at 95% success rate. This solves most of the definitional and timing issues associated with "income." Of course that begs the follow-on question as to whether or not we are actually spending at that level or something lower, or higher, and why. Maybe I'll start my own poll one day.

 

[Amethyst]

Good point. I surmised that the OP was really trying to see who has the most money to finance their retirement lifestyle. I need to stop this mind-reading business, it's not my best trait.

So I went ahead and responded based on "on-paper" income.

You don't spend money on taxes ??

I pay for taxes, ice-cream and groceries every year, it's all spending.

 

[ERD50]

... Maybe I'll start my own poll one day.

Before I ever start a poll here, I will start a poll to get feedback on whether I should start the poll or not.

That should fix me.

-ERD50

 

[NW-Bound]

Looks like you are still too low? Why are you so interested?

Are you asking if $30K/month is still too low for me? I wish.

If my income were that high I would be flying business-class if not first-class on international flights, instead of envying those that do.

No, the scale of this poll reinforces my belief that I belong in coach.

 

[NW-Bound]

This reminds me of a joke:

Nine blue collar workers are at a bar enjoying a few beers. Their average income is $50,000 a year. Bill Gates enters the bar and joins them. Their average income is now $500,000,000 a year.

What is worse than that?

Both Buffett and Gates having a meal in a lowly diner.

 

[kcowan]

Based on over 12 answering 30k+/month, I suspect the poll is screwed. Are we really among the ultra-rich? Did Danmar really think $30k/mo was too low? OK Maybe he did!

Why can't people decide what is rational before answering?