What Is The Average Retirement Income For A Single Person?

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What Is the Average Retirement Income for a Single Person?

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Pretty interesting question. We'll probably dovetail that into a joint,

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you know, husband and wife as well. What's the average retirement income,

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Stan the Annuity Man? You've been doing this so long, you should know that. And by the way,

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I am Stan the Annuity Man, America's annuity agent, licensed in all 50 states and Puerto Rico.

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We do have a Spanish division that they speak Spanish. I don't. So, that's interesting when I'm

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listening to the calls. So, I do oversee all cases at theannuityman.com. But

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this is kind of an interesting question. I'll take it from a couple angles after this.

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Okay, so, what's the average retirement income for a person out there? There's no perfect

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answer to that, and it's all customizable to what you are accustomed to live by, you know,

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that amount per month, your monthly income floor. I really think it really comes down to that — you

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add up exactly what you want to bring in, that pays the bills, that pays whatever

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debts you have. If, if you don't have any debts, great, and then on top of that, lifestyle. So,

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that could be Social Security, that could be a pension if you're so fortunate, that could be

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RMDs coming in from your IRA — that's kind of like an annuity because it's coming in annually.

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And then anything else that's hitting your bank account on a regular basis that doesn't have

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to do with the markets, okay? That's just an ongoing thing. And I think you could look at

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it — single person, married couple, whatever. And if you look at the, the median income in

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this country, depending on what stat you look at, it's in between 50 and $60,000. Two incomes —

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It's actually at that level. Okay? So, it really comes down to what you're trying

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to achieve. I talked to a guy the other day, and he had a bunch of money. He had multiple

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millions of dollars. And I said, you can look at it a couple ways. You could say,

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you know, how long do you think you're going to live? 20 years. And then divide 20 into that

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number. And then if you can live off that monthly number, then that's fine. You're good to go,

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because you're going to be, you know, you can just put it in the money market and be okay, and a

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lot of you out there are like that. But a lot of you want also that lifetime income guarantee of,

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say, an immediate annuity or, or some type of lifetime income product with an annuity that's

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going to pay you as long as you're breathing. I think it's important for people to look at that

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because artificial intelligence is going to shorten the time frame for medical

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breakthroughs, which, in essence, is going to prove that we're going to live longer,

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and all the annuity companies are going to do is lengthen out that life expectancy so that the

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payments will be lower. So, I think lifetime income is a bargain at this, at this time.

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Behind the camera is Big C, and he asked me a question, you know, as I was, you know, I do 20,

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30 push-ups between each video, squat thrusts, you know, I do a plank here and there just to,

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you know, just to keep this the way it is, as you know. And, and C said to me, he goes, "Why would

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you buy an annuity?" Good question. Why would you buy an annuity instead of just keeping money in a

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bank account and just pulling it out? Well, you can do that if you have enough money. Okay.

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But if you want to guarantee that you're going to get a payment as long as you're breathing,

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even if you're on a respirator, even if you live to 125 — and if you say ain't no way,

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Stan. Hey, we don't know what's going to happen with AI. I mean,

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AI could solve cancer. AI could solve diabetes. AI could solve blood pressure issues. It does that

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in combination with GLP-1s — are now GLP-1s — the stuff you stick yourself with and lose weight.

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Coming out this year is a pill form of that. It's, it's game on now. It's game on because

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people have flocked to that GLP-1, making them skinnier. You're going to live longer. Okay?

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All of this is going to lengthen out life expectancy. So, what I told Big C behind

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the camera is you want lifetime income. You want to pinch income because you don't want to worry

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about outliving your money. And in the world of finance, they call that longevity risk. Longevity

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risk is the fear of outliving your money. I just think right now lifetime income is a bargain.

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You should go to my site at theannuityman.com. Run quotes to your heart's content. If you

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want to speak to one of my client solutions team, you can schedule a free

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consultation call. They are all licensed in all 50 states, but not on commission. So,

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they're not a hammer looking for a nail. They're not looking to sell a sale. They're not looking

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for that. They're just looking to help. And their bonus is based upon your satisfaction and the fact

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that they weren't high-pressuring you. We don't do that. We don't need to do that. There's no

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urgency — buy an annuity. The urgency is doing this right here, is us talking about it. Okay.

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So, the average income — I'm not sure that's relevant. I think it's personal. It's

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customizable, and it's something that you need to come up with. What is that income floor amount

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that you need to live on? I'm going to encourage you to make it higher than what you're currently

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thinking. Add in some money. Not because of inflation. It's just I want you to live better.

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I want you to travel more. I want you to eat better. I want you to buy better clothes. I want,

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I want you to live better. You know, a lot of you out there have been threading the needle

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and grinding your whole life. You know, um, I'm going to include myself as that. I've been

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grinding my whole life. I took my first vacation last year. Okay? And that's, I know that's crazy,

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but it's true. I don't want that for you. If that's you,

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then I want you to go on vacations. I'm going to try to go on a vacation every year with my

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wife to whatever place in Europe she wants to go. Do I want to do that? Is that something? No,

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but I need to do that. I've earned the right to do that. You've earned the right to do that.

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So, when you're looking at income, whether it's you or you and a spouse — yeah,

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the kids will be fine. Okay. I had a guy the other day said his goal in life was for the

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last check to bounce. Get it. I get it. And I always tell people, fly first class or your

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kids will. You know, the, the next time you go to buy a plane ticket and you buy a coach, buy first

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class. Just buy, just do it one time for me. Just do it one time. Why not? Why wouldn't you? Well,

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you know, it costs a lot. I mean, you can afford it. You're fine. Most people out

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there that are watching this right now, you're fine. You're going to be good.

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You're in the top percentage of people out there that have grinded and you've scrimped and

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you've saved and you've done it the right way. What I'm telling is you got to teach yourself

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how to spend. And I guarantee you that one of you, either you or your spouse, agrees with me, 100%.

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I had a call the other day — successful guy, had a business — and he goes, he goes,

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"You really hit me." Because I always say, you know, if you won the game,

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why are you still playing? That's what I did a video on that. That's like, yeah, you're out

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there dribbling. I play college basketball. You're out there dribbling the basketball,

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and the cheerleaders and the band have left the arena. They just shut off the scoreboard,

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and you're out there wheeling and dealing like you've won the game. Why are you still playing?

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So, hit this guy like a brick — and he goes, "You're right." He goes, I told my wife,

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I walked out after watching that video. I told my wife, he said, "Let's just redo the kitchen." I'm

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assuming she just kissed him and hugged him and all. I'm just telling you, do those things, okay?

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And it comes back to the original question. What's the average income? What's the income?

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It's what you need it to be, and it's what I want it to be for you. Now,

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we can help you with that with lifetime income products. So, go to my site at theannuityman.com,

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run quotes until your heart's content, and then schedule a call with us so that we can put

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together a customized plan for you. You can shoot me an email, [email protected]. It's

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that important to me that you take this serious, that you really look at chapter 2,

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which is the second part of your life. It's all about you. You've earned it. Okay?

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Do me a favor. Above my head is a video I did on contractual guarantees only, which is what we do

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at the annuity man. We don't sell hypotheticals or theoreticals. You own an annuity for what it will

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do, not what it might do. And the "will do" is the contractual guarantees of the policy. But that

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video kind of explains why, why it's important to us and why it should be important to you. So,

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with that being said, up that income a little bit. Whatever you had it, up it a little

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bit because I want you to live a better life. I'm Stan the Annuity Man. See you next time.