No, the elderly (as a group) are not affluent.

[^_^ 5,021]

Time to Bury Pew Report on Wealth by Age Group

Sunday, 03 March 2013 10:46

...

A couple of years ago, Pew did an analysis that gave breakdowns of wealth by age group. It found that the median household over the age of 65 had $170,500 in net worth.

...

Pew researchers took this number as evidence of the affluence of the elderly. The study points out that this was a 42 percent real increase from the 1984 level.

...

To realize the absurdity of this position, try thinking for a moment. The bulk of people who are now turning age 65 do not have a defined benefit pension. (They did in 1984.) This means that the only income they have is their Social Security check, which averages a bit over $1,200 a month. Right off the bat, $100 a month is subtracted to pay for their Medicare Part B premium. This means that our high living seniors have an income of $1,100 a month, plus their $170,500 in net worth.

Is this rich? ... The $170,000 figure includes every asset that seniors own. That means everything in retirement accounts and other personal savings, the value of their car and the equity in their home. To put this in perspective, the median house price is roughly $180,000. That means that if our typical senior household sold off every other asset they held they would have roughly enough money to pay off their mortgage. Then they would be entirely dependent on their Social Security check to support themselves.

Do the reporters covering this story really think this is a picture of affluence? Will they be happy if they have a retirement where their entire income is their Social Security check?

[decocker 7,198]

Will they be happy if they have a retirement where their entire income is their Social Security check?

i am looking forward to my future, on a golden pond..

[I AM NOT THAT GUY 5,715]

I don't know that many seniors that are still paying a mortgage, unless they are totally lame. I know many that sold their home, and downsized, making good use of the one-time tax-free capital gain.

[I AM NOT THAT GUY 5,715]

I don't know that many seniors that are still paying a mortgage, unless they are totally lame. I know many that sold their home, and downsized, making good use of the one-time tax-free capital gain.

Wow! It is not one time anymore, no more age requirement, they shortened the occupancy requirement, and they raised the exclusion!

[I AM NOT THAT GUY 5,715]

Do the reporters covering this story really think this is a picture of affluence? Will they be happy if they have a retirement where their entire income is their Social Security check?

Like most seniors, I am surviving the Obama years, only because everything I own is paid for. On the other hand, many younger folks with a much larger income, have a negative net worth. And the kids just graduating college with $80,000 in debt? Really sucks to be you!

Edited March 11, 2013 by The Patriot