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