The Census.gov released an interesting report on the income sources of older 65+ households and the data isn’t too surprising. The vast majority of 65+ people rely heavily on social security for income.
With inflation running a rampant 7.5% and the social security COLA adjusting 5.9% it is easy to see that the math doesn’t add up for most seniors on the lower end of income. Interestingly, the top elderly derive a great deal of income from investments and other sources so not really impacted as badly.
What should a prudent investor plan for over the next decade? Maximizing income streams from a variety of sources will be the key to living in poverty or living in semi-luxuriously. The goal of a prudent investor is to have property income, investment income, earnings income and social security.
Stay tuned and stay solvent…