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/