When is a Retiree Considered 'Wealthy' ??? | FRB Data

This video discusses what "wealthy" means in retirement. The video uses the most current Federal Reserve Board data and segments the "Age 65+" category into Poor, Middle Class, Well Off, Wealthy and Super Wealthy.

Retiring rich is in the eyes of the beholder, and while no one definition exists, you know it when you see it. This video explores the age old question what does wealthy in retirement mean?

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[roberttheodoregeorge]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, a lot won’t have a house to retire with either.

[PremSteve-ygde]

Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.

[michaelschiemer]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[A_francis]

I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement from what I see in this video. Considering investing $400K in stocks though since I've heard investors can profit in tough times. Not sure about my next move.

[jerrycampbell-utyf]

I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.

[sting_grayl]

Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.

[ChristopherAbelman]

I visit my WV relatives, who live in the middle of the state in Clay County, often. The thing that strikes me the most is the scent of the air. It's sweet. I can make myself light-headed from deep breathing the air. As of 2019, West Virgina had 84.4% forest cover. Imagine all those trees cleaning and sweetening the air. I'd love to retire there,

[Erickruiz]

I'm no longer confident in my investment strategy due to the impending recession. I aim to reallocate my $250K portfolio. What's the most effective strategy to invest right now?

[RossiPopa]

Minus the increasing wealth gap, it's sad how difficult things have become in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.

[susannnico]

This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!

[seeyawouldntwannabeya]

I just made it to the wealthy category. I worked for 37 years and invested following the advice of paying yourself first. Before I bought anything I invested a set amount out of my paycheck. When I got a raise I invested it in more funds. I have been involuntarily retired at 58 some 11 years ago and I am having fun. Save and invest buy when the market is down the same or up. I can't tell you where the market is gonna be next week, next month or even next year but in the next 10 years it will be higher.

[merrywalsh]

Kicked out of high school because I was pregnant
Single teen mom, waitress by day, GED, then community college by night
Took ten years to get a professional degree in Nursing
Taught myself the basics of finance
Worked full time, saved, invested in 401K and real estate
Retired with zero debt
Wealthy category

[NicholasBall]

Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?

[cloudyblaze]

The average retiree, I believe, should have been able to have enough to last the rest of his days. I t just depends on choices during your working days, just as I came to realize later. Surprising how I still netted more $2m. by retirement. And this is while living in New York!

[esther.]

I'd be retiring or working less in 5 years, and I'm curious how others split their pay, how much goes into savings, shopping, or investing; I earn roughly $250K per year but have nothing to show for it.

[LarryAnthony-utok]

For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My Wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

[elizabethyork]

Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $2.7M. We have never sold so much as one share of stock.

[mistiinseattle]

I don't have anywhere near even the 50th percentile and am not only very happily retired but live in a luxury seniors apartment complex. God has blessed me tremendously and all of my needs are met. I have fabulous neighbors and a wonderful church family. There is more to life and wealth than having boatloads of money. I am happy and content.

[PInkW]

High school dropout
Laborer all my life.
Retired at 62.
$4100. Take home pension
House paid off. No debt at all
Money in the bank. Travel the world
Life is good

[roberttaylor]

Choosing a Roth IRA is advantageous as it uses after-tax funds and allows tax-free growth. When I retired, I had $3M million saved, and I won't be taxed on my withdrawals.