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Finances » Work Income

Why It's Important

Notable income disparities continue to exist between race and gender. Economic security in later years is determined by several factors, including wages, work history, marital status, family responsibilities, pension coverage, financial literacy, discrimination, health insurance, home equity and access to savings and investments. For example, while the Social Security benefit formula favors lower lifetime earners by replacing a higher percentage of earnings, their low earnings and work histories can leave them with incomes below poverty when they retire or become disabled.

 

See Data By: Richmond MSA | Virginia | National

How Richmond Is Doing

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)

(See Chart Above)

How the U.S. Is Doing

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)

(See Chart Above)

A recent poll conducted for Thrivent Financial for Lutherans found nearly half of respondents (48 percent) reported losing their job as an unexpected hurdle that could affect their retirement finances. Younger boomers, age 45 to 54, were 25 percentage points more likely to name this concern than older boomers, age 55 to 64 (59 percent vs. 34 percent).

The proverbial retirement nest egg isn’t all about the stock market after all. The two unexpected situations that American baby boomers say are most likely to wreak havoc with their retirement savings are “an illness” and “losing my job,” according to a recent survey of 947 American adults age 45-64.

(THRIVENT FINANCIAL FOR LUTHERANS POLL, 2007)

 

According to the Bell Investment Advisor’s third annual National Survey on Affluent Boomers on financial stress:

  • Almost 30 percent of affluent boomers have more financial stress now than they did six months ago
  • Affluent female boomers report considerably more stress than men (35% vs. 24%)
  • Affluent boomers on both coasts--in the Northeast (36%) and West (34%) -- report more stress than those in the Midwest (27%) and South (25%)

The study also indicates job losses for this cohort:

  • Over a fourth (28 percent) of affluent boomers have either lost their job in the last 12 months or know someone who is age 60 or over who has
  • The job losses have been more acutely felt by affluent boomers in the Northeast or Midwest (both 38 percent) and have had the least effect on those in the South (19 percent)
  • More than one third (35%) of the most affluent boomers surveyed -- those with more than $3 million earmarked for retirement -- were affected by job loss, compared with just 24 percent of those with $1-3 million saved, and 30 percent of those with under a million saved for retirement

(BELL INVESTMENT ADVISORS, AFFLUENT BOOMERS, 2007)

 

Data & Information Sources

Bell Investment Advisor’s Inc., Survey on Affluent Boomers, 2007

http://www.bellinvest.com/survey_2008.html

Federal Interagency Forum on Aging Related Statistics

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

Thrivent Financial for Lutherans, Illness, Job Loss Trump Market Volatility as Retirement Obstacle: Boomers Cite Unexpected Situations That Could Affect Savings, 2007

http://news.thrivent.com/newsroom/news/index.phtml?id=502

U.S. Census Bureau, American Community Survey

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