The Net Worth of Individuals
A recent study published findings of a longitudinal study that surveyed retirees from 1993 through 2008. The study showed that there are a wide variety of financial situations for the retired individuals within the United States. Although almost half of retirees will have just $10,000 when they pass away, this number is not necessarily indicative of their lifestyle or their standard of living.
The net worth of our retired generation may be a better measure of their financial situation. The net worth takes savings, home equity, Social Security, pension benefits and more into consideration. Those that are single and retired had an average amount of assets just around $142,000. The retirees who had a spouse die previously had assets of $235,00 and the couples where the surveyed retiree had died but the other spouse was still living had average assets of $692,000, according to this study.
Some people have stated that the elderly in our society are not doing well financially while others have stated that the elderly are doing well financially, but there is so much variation amongst the retirees, that neither of these statements is wholly accurate.
Correlations Between Wealth and Survival
There were strong correlations between wealth and survival in this study. It showed that those retirees that have accumulated more wealth will live longer. The study also showed that married couples usually have a higher level of retirement income and a higher amount of financial assets than their single counterparts.
Preparing for your retirement and doing what you can to ensure you are able to maintain your standard of living will pay off in the long run. If you want to live longer, this study shows that it is extremely important to have money throughout your retirement.
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