Older People

[mickeyd]

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.

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

 

[W2R]

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.

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....

 

[MasterBlaster]

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.

 

[Coach]

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.

Coach

 

[CuppaJoe]

That's true. I did tax returns for a bunch of folks like this.

Coach

Do they need to file at all?

 

[Purron]

For many people, SS and a paid off house is their retirement plan.

Agree. It's a better plan than many people have.

 

[jebmke]

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.