Finances

• Summary
• Adequacy of Retirement Savings
• Current & Projected Wealth
• Expenditures
• Health Insurance
• LTC Insurance
• Knowledge of Financial Needs
• Pensions
• Poverty Status
• Social Security
• Supplemental Security Income
• Work Income

Find Reports and Papers

Please feel free to use Older Dominion Partnership's resources under the terms of this site, and contact us with feedback and suggestions, and/or submit a study.

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Source: -- Choose -- A Unilever Trip Management Report AARP AC Nielsen Homescan & Spectra Agelessons Aging Clinical and Experiemental Research American Hospital Association, First Consulting Group American Medical Association Ameriprise Boomer Insights Generation Group Business and Health Institute Center for Retirement Research at Boston College Charles Schwab & Age Wave Charles Schwab and Age Wave Corporation for National & Community Service Direct Service Workforce Resource Center Employee Benefit Research Institute Evercare Family Caregiver Alliance Fleishman Hillard Focalyst Genworth Financial Health Research and Educational Trust Institute of Medicine Journal of Health and Social Behavior Journal of Human Resources Mathematica Policy Research McKinsey Global Institute MetLife MetLife Foundation/Civic Ventures National Alliance for Caregiving  National Institue on Aging Securities Industry Association (SIA) Research Reports Sun Life Financial The Brookings Institution The Conference Board, Charles Mitchell, Managing the Mature Workforce The Dartmouth Atlas Project The Gerontological Society of America The Health & Retirement Study The Pew Charitable Trusts The Pew Research Center Trust for America's Health TV Land, a unit of Viacom Inc’s MTV Network University of Michigan Retirement Research Center Urban Institute

Topic: -- Choose -- Boomers Caregiving Economic Mobility Economy Encore Careers Finances Financial Security Generation Next Generations Geography Health Care Health Care Reform Long Term Care Retirement Volunteering Workforce

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Finances » Current and Projected Wealth

Why It's Important

Income, wealth and savings impacts health care choices and options.

See Data By: Richmond MSA | Virginia | National

How Richmond Is Doing

In the Richmond MSA, Baby Boomers have lower incomes than the state average, but still are ahead of the nation.

• The median household in the Richmond MSA in 2007 was $66,590 for Boomers and only $38,068 for Seniors 65 and older (U.S. Census Bureau, American Community Survey, 2007)

Households by Household Income: 2007 (U.S. Census Bureau, American Community Survey, 2007)

	TODAY 45-64			TODAY SENIORS 65+
	Richmond MSA	Virginia	National	Richmond MSA	Virginia	National
Income
Total households	185,512	1,150,150	43,295,140	83,932	555,333	23,035,592
Less than $10,000	8,493	54,591	2,643,633	8,314	56,385	2,223,031
$10,000 to $14,999	4,485	35,548	1,689,305	7,894	57,057	2,636,310
$15,000 to $19,999	5,357	34,118	1,608,130	6,428	48,176	2,256,943
$20,000 to $24,999	7,582	39,028	1,822,586	5,830	40,140	2,015,179
$25,000 to $$29.999	6,399	42,485	1,800,704	5,815	36,023	1,705,881
$30,000 to $34,999	8,039	46,321	1,983,994	4,356	31,280	1,502,651
$35,000 to $39,999	7,778	44,185	1,874,764	5,770	28,692	1,298,048
$40,000 to $44,999	8,436	46,216	1,991,705	4,562	27,725	1,166,468
$50,000 to $59,999	17,633	93,660	3,611,732	6,099	36,964	1,614,408
$60,000 to $74,999	22,652	123,086	4,820,884	7,752	43,243	1,715,455
$75,000 to $99,000	26,864	158,350	6,059,602	8,207	48,809	1,622,526
$100,000 to $124,000	18,944	116,420	4,141,321	3,630	27,350	859,720
$125,000 to $149,999	13,080	83,911	2,449,899	1,738	15,312	471,605
$150,000 to $199,999	12,297	93,045	2,470,231	1,817	16,865	446,781
$200,000 or more	10,357	98,885	2,514,775	2,103	16,162	509,637
Median household income ($)	$66,590	$71,846	$61,962	$38,068	$36,561	$32,158

How Virginia Is Doing

• In Virginia, seniors’ income is half of what Baby Boomer households earn. The median household in Virginia in 2007 was $71,846 for Boomers and only $36,561 for Seniors 65 and older (U.S. Census Bureau, American Community Survey, 2007)
  
• Virginia Boomers and seniors are in better position financially than national benchmarks. The median household in US in 2007 was $61,962 for Boomers and only $32,158 for Seniors 65 and older (U.S. Census Bureau, American Community Survey, 2007)

How the U.S. Is Doing

According to Highlights of the MetLife Study of Boomers: Ready to Launch, 2007:

• The average member of the 1946 birth group…
  
  • Has an annual income of $71,400.
    
  • Has a household net worth, excluding home value, of $257,800.
    
  • Has an average of six financial products/plans including 401(k)/403(b), IRA, health insurance, life insurance and CD/savings accounts.
    
• If they do not already have investments such as stocks, bonds, annuities, or long-term care insurance they have few plans to purchase these in the next 12 months.
  
• They have received or expect to receive some inheritance from their parents -- typically in the range of $113,000 to $210,000.
  
• Their home is currently worth $297,900.
  
• They are aware that at age 62 they are eligible for a reverse mortgage, but typically are not planning to use a reverse mortgage for funding in their retirement. Should they use a reverse mortgage they would use the money to support their own aging and long-term care needs and pay down debt.

(METLIFE, READY TO LAUNCH, 2007)

Data & Information Sources

AARP, Urban Institute, Boomers at the Bottom: How will low income boomers cope with retirement? 2008

http://assets.aarp.org/rgcenter/econ/2008_07_boomers.pdf

Federal Interagency Forum on Aging Related Statistics

http://www.agingstats.gov/agingstatsdotnet/main_site/default.aspx

MetLife, Ready to Launch, 2007

http://www.metlife.com/assets/cao/mmi/publications/consumer/mmi-consumer-publications-boomers-ready-launch-hlghts.pdf

U.S. Census Bureau, American Community Survey

http://www.census.gov/acs/www/