Why we are in the state we are December 5, 2022 rdquinn Politics 11 comments Here is an example of how social media is misused and easily misleads uniformed people and those too lazy to look for the facts. This was posted December 2, 2022 reposting something from 2012. The information about politicians was totally false in 2012 and it’s still false in 2022. No matter, in 2022 people are still commenting as if they are reading factual information. This topic is rather insignificant, but think about all the misinformation that is significant in influencing opinions and voting. The Presidents salary is $400,000 not $450,000. Congress hasn’t received a pay raise since 2009 – thirteen years. None of our elected officials receive their salary for life. By the way, according to U.S. Census Bureau data, the median retirement income for retirees 65 and older is $47,357. Rate this:Share this:TweetEmailPrintShare on TumblrLike this:Like Loading... Related
$47,357 sounds high for the average. And a mean of $73,288 sounds even higher. I confirmed the numbers, of course, isn’t that the point? And saw it repeated in several (dozen?) articles. I haven’t gone back to the primary source though, the census. It begs for an explanation.
Yes, $47,357 is definitely misleading.
Nope! Its too late, and out of my ken anyway. They are your numbers Mr. Quinn, may be you can clarify.
At first glance, it appears the $47k median is —household— income and includes earnings for full or part time work. Counting earnings in retirement income?
The household median income for households 75 and over drops to $35k. Household. That sounds relatable. Basically, two SS checks.
“According to the Pension Rights Center, half of all single Americans who are 65 years of age or over have an average retirement income of less than $24,224 per year.”
This is why we have trouble agreeing. If one is confused by mean and median, what the heck is “average income of half the people”?
Mean is average
1. What is the “median average”?
“According to U.S. Census Bureau data, the median average retirement income for retirees 65 and older is $47,357. The average mean retirement income is $73,228.”
Or the “average mean” for that matter.
“Why do Americans accept without verifying?”
When verifying your statement “…the median retirement income for retirees 65 and older is $47,357.” ( the same source(s) says the mean income is $73,228)
My gut reaction? That’s too high, misleading at best.
1. The actual data seems to come from census data for “all income” for households over 65. Including income from work. I don’t call that “retirement income”
2. It appears to be an average for —all— households, including single and multiple person households. The actual census data is broken down further, by number in household, age, race, gender, etc.
3. For instance, from an article citing the same census data,
for non-family (single) female households:
Households Aged 65-69
mean income $39,945
And remember, that’s “all income”, not retirement income.
Ergo, $47,357 median is almost useless information (or worse).
My “verifying” was simply web searching your statement. This brings up a number of similar articles which seem to be mostly pirated from some basic article, somewhere, which, IMHO threw in the word “retirement” inappropriately. It is simply income by age group.
I give less credence to the opinion if a link to the primary source is not provided. Stating a reference to a US Federal agency is insufficient. Why hide the actual facts? Maybe it will not support the bloggers opinion? The standard today is to get clicks and stir the emotions of people, not to educate.
No pay raise for Congress, but they did get a $1,000 monthly car lease benefit in 2014. IMHO – Most of the misinformation is coming from the government and politicians.
Another example of “fake news” and people get hostile after reading. Social media has been a negative ,in general, to our society.
Social media is today’s virtual water cooler.
Your median retirement income statement is for what year?
2021 i believe