how the other 75 percent lives

[Bob]

How the other 75 percent lives - Paul Krugman Blog - NYTimes.com October 23, 2009, 10:55 am
How the other 75 percent lives

Digby catches some of the talking heads saying that we?re all dependent on the stock market for our retirement. Which leads to the question, what do you mean ?we?, rich man?

From here, sources of income among the second quartile of older Americans, that is, from the 50th to the 75th percentile:
DESCRIPTION

Even in this group ? which is above median, although not at the top ? Social Security accounts for more than half of income. (It?s the great bulk of income among poorer retirees). Asset income is, by comparison, trivial.

OK, a couple of caveats. Pensions will presumably be a smaller share of income in future, because defined-benefit plans have given way to defined-contribution. Also, this only tracks income; to the extent that seniors live by drawing down assets, that isn?t shown.

Still, the idea that the typical American?s retirement basically depends on the stock market is utterly wrong; that?s only true for a small elite.

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[scooterbug44]

I don't know that I believe that is completely true.

Yes, their actual "income" may be predominantly from SS, then from pensions, not from stock dividends etc. but I would assume that if you look at their assets a stock portfolio is (or was) a huge part of it.

They can have hundreds of thousands of dollars in the stock market, but their "income" could still be less than their SS payments.

 

[kkddbb]

ill never understand why people continue to use a writers material who is consistantly wrong on his predictions....

but, because he's a far left guy the far left loves him. real life, facts and history mean nothing as long as he's a liberal.

 

[scooterbug44]

Yep, he's a liberal columnist - that's why I totally agreed with everything he said. :roll:

If he could accurately predict the future, he'd be in Vegas collecting his winnings, not writing a column.

 

[Bob]

where's your argument?