Surprise: Even wealthy retirees live on Social Security and pensions
Reuters) – Where do affluent retirees get their income? Portfolios invested in stocks and bonds, you might think – but you’d be wrong. Turns out many are living mainly on Social Security and good old pensions. That’s the surprising finding of new research from a surprising source: Vanguard, a leading provider of retirement saving products like individual retirement accounts and 401(k)s. Vanguard studied the income sources and wealth holdings of more than 2,600 older households (age 60-79) with at least $100,000 in retirement savings. The respondents’ median income was $69,500, with median financial assets of $395,000. (The value of housing was excluded.)…Read More
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