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Old 06-17-2010, 03:33 PM   #1
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Surely SS does not make up close to 40% of the income of most of the "older people" who post here, but here's what they think of you anyway.

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At 40%, Social Security makes up the bulk of older people’s income, according to a new report from EBRI based on the latest U.S. Census Bureau data. Pensions and annuities make up just 20% of income for people age 65 and older; earnings and wages make up 26%; and income from assets accounts for 13%.
Social Security Makes Up 40% of Retirement Income - Financial Planning
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Old 06-17-2010, 04:19 PM   #2
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Originally Posted by mickeyd View Post
Surely SS does not make up close to 40% of the income of most of the "older people" who post here, but here's what they think of you anyway.
Quote:
At 40%, Social Security makes up the bulk of older people’s income, according to a new report from EBRI based on the latest U.S. Census Bureau data. Pensions and annuities make up just 20% of income for people age 65 and older; earnings and wages make up 26%; and income from assets accounts for 13%.
Social Security Makes Up 40% of Retirement Income - Financial Planning
I seriously doubt that many of our members will receive only 13% of their income from assets accounts. Well, unless there is a long lasting, near-total market meltdown and we are all living off the land in a few years....
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Old 06-17-2010, 06:55 PM   #3
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Those numbers are averages across a wide variety of people. The varience in assets and income is high.

For many people, SS and a paid off house is their retirement plan.
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Old 06-17-2010, 09:15 PM   #4
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For many people, SS and a paid off house is their retirement plan.
That's true. I did tax returns for a bunch of folks like this.

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Old 06-17-2010, 09:31 PM   #5
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That's true. I did tax returns for a bunch of folks like this.

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Do they need to file at all?
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Old 06-17-2010, 09:35 PM   #6
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For many people, SS and a paid off house is their retirement plan.
Agree. It's a better plan than many people have.
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Old 06-17-2010, 10:53 PM   #7
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Do they need to file at all?
I do taxes with the Taxaide program. Quite a few retirees either have some withholding from a pension and/or have part time jobs where the employer withholds taxes and although they might not need to file due to the income threshold they still want to file to get their refund. They could eliminate their withholding but for some reason they don't.
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