American retirees are getting richer. That sounds good, but there is some fine print you might be missing.
New research shows one in every six retirees ia a millionaire, if you include the value of their homes. Yes, that sounds great. But Houston financial planner Richard Rosso tells KTRH he thinks it's really a smaller group than you think.
“People who had a lot of money in March of 2009 doubled their asset values in stocks and the unusual short recovery in real estate,” Rosso explained, adding that there is an inequality gap that exists in American retirees.
The research also shows retirees are watching more television these days. And Rosso says you shouldn't laugh at that, because there's a practical reason for it.
“A million dollars is $35,000 a year. If it has to last 40 years, adjusted for inflation, then TV is the best deal in town,” Rosso said.
The research showing the average 60-year-old watches three hours of TV a day. That's up 78 percent from 1975 amongst high income, highly educated households.
American retirees are healthier and wealthier than ever. But wiser? A new report throws a little doubt on that notion.
One of every six retirees in the U.S. is a millionaire (if you include the value of their homes), according to the new report. Their average wealth has risen more than 100 percent since 1989, to $752,000, and the share of those who are millionaires has doubled.
Not all the findings were positive, however. “The largest change in activity is a near doubling of the amount of time retirees watch TV over the past 40 years.”
We talked to financial planner Richard Rosso: