What is Considered a Good Monthly Retirement Income in 2024?

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How to Achieve the Average Retirement Income in the US
Dre Griggs from Obsidian Wisdom dives into what the average retirement income is in the United States, using data from the U.S. Census Bureau. He reveals that the average retirement income for those aged 65 and older is $75,020 per year. To achieve this, Dre emphasizes the importance of having multiple streams of income across three main asset classes: real estate, businesses, and the stock market. He explains the necessity of having around a million dollars invested to generate such income. The average Social Security payment, which is around $1,800 per month, is also discussed as a component of retirement income. Additionally, Dre talks about the variations in necessary retirement income across different states, highlighting that living expenses and lifestyle choices play significant roles in determining the adequate amount for a comfortable retirement. He introduces the 'rule of 1,000' for stock market investments and similarly, discusses real estate and business as viable means to generate the required retirement income. The video concludes with Dre encouraging viewers to consider their goals, risk tolerance, and investment preferences when planning for retirement.
00:00 Understanding Retirement Income
00:01 Breaking Down the Average Retirement Income in the U.S.
00:41 The Importance of Multiple Income Streams for Retirement
01:47 Exploring Social Security's Role in Retirement Planning
02:08 State-by-State Retirement Income Comparison
04:39 Calculating Your Retirement Needs: The Rule of 1,000
06:09 Investing in the Stock Market for Retirement
07:15 Real Estate Investment Strategies for Retirement
09:24 Starting a Business as a Retirement Income Source
09:59 Understanding Risk and Leverage in Retirement Investments
11:04 Wrapping Up: Crafting Your Personalized Retirement Plan
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Until next time Wisdomites, remember wisdom is asking the right questions that allow you to get the right answer. Keep asking the right questions, and you'll can keep getting the right answers.

[@mistymax]

Thank you for the valuable information.✅

[@WealthyRetirement]

Thank you for watching the video. Glad it was helpful!

[@ronaldcambridge3126]

Just my luck …living in high-end CA. But, as you said, having several sources of income is a plus. It also helps to drastically reduce retirement living expenses, particularly not having mortgage, car payments, or carrying credit card debit. This lessen funds needed for liabilities and increases discretionary income & savings.

[@WealthyRetirement]

Just your luck. :) Glad you have a retirement plan that's working for you!

[@bryantsherman7263]

What is the median retirement income for 65+ retirees?

[@WealthyRetirement]

Excellent question. According to the latest data from the United States Census Bureau, the median annual income for 65+ retirees is $47,620