The number of retired millionaires continues to increase


There is a new study from money manager United Income on the recent wealth of American retirees. The study found that while the nation’s retirees may be healthier and wealthier, it also found the intriguing idea that retirees aren’t necessarily wiser. Relatively more retirees than their predecessors spend more time in front of a television set in their golden years.

The company analyzed data from sources such as the Federal Reserve, the US Bureau of Labor Statistics, the Census Bureau, the Internal Revenue Service and the Centers for Disease Control, to examine how the lives of American retirees have changed.

According to the study, one in six retirees in the United States is a millionaire (when the value of homes is included). The average wealth of this group has risen more than 100 percent since 1989, to $752,000, and the share of millionaires has doubled.

As many as 62 percent of retirees are found to enjoy life without any kind of physical or cognitive limitation, according to United Income data. That’s a big jump from 49 percent in 1963, the first year such data is recorded.

Newly Found Time = More TV Shows for Retirees

Of course, with not having to work daily that leaves a lot of free time. “The largest change in activity is nearly twice the time that retirees watch television over the past 40 years,” the report notes. (The latest data for 2012). Now, the 60-year-old retiree watches TV almost three hours every day. These increases were found to be largest in high-income, highly educated households, which have seen a dramatic 78 percent increase in time spent on the sofa since 1975, compared to 43 percent for low-income households.

The report also found that retirees may not learn much from their viewing habits. dating back to 2016 Pew Research Center data which showed a staggering 55 percent of households over 65 watch cable news programs, and also notes that Multi-country study I found that public broadcast news (such as PBS) increased political knowledge, while cable news actually decreased people’s knowledge of actual events.”

Inequality in retiree income remains unchanged

also, income inequality It has remained practically unchanged among retirees since 1989. However, expectations have changed dramatically when the family’s financial assets have been put into operation. Continued increases in the stock market have led to a 42 percent increase in wealth inequality among older Americans. “People have kept their income and spending steady over time,” notes Matt Fellowes, founder and CEO of United Income. “Richer retirees are richer but don’t spend more, compared to previous generations.” As a result, Fellowes feels that a significant number of Americans have become unnecessarily thrifty in their spending and lead an “excessively contained” life as a result.

Approximately with the above, the gap between the rich and the wealthy has grown. The average millionaire’s wealth increased by about 12 percent from 1989 to 2016, while the millionaire’s equity position expanded dramatically from 27 percent of financial accounts to 55 percent. Meanwhile, the wealth of the top 1 percent of millionaires more than doubled, from $14.9 million to $31.3 million in 2016, as equity positions jumped from 30 percent to 69 percent, the report notes.

“The dividends from being an investor obviously pay off for retirees who are lucky enough to have savings and investments,” Fellowes said. “What is frustrating is that those who do not save or invest are gradually being left more and more behind as each successive generation enters retirement.”

Author Biography: Matt Tillman has a background in accounting and finance and is the founder of Script-Notes, where he spends his time saving readers time and money, by bringing you the latest deals, savings, and other news of the day in today’s world of technology. Events and personal finance.

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