WC Household Income Poll

[Aloha Hoosier]

A common opinion of WC posters is that we probably have higher incomes than the average American. I'm not so sure about that, but it is an interesting question. Let's do this anonymous poll and get a better gauge on that. About 9% of Americans make less than $15,000 (been there, done that) and almost 12 percent make more than $200,000. The median was about $70,784 in 2021.

These are the ranges based on 2021 statistics we're using:

https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/

 

[Aloha Hoosier]

Bumping to top.

 

[UncleMark]

Bumping to top.

Pinned to the top.

 

[Aloha Hoosier]

So far the idea that WC posters and lurkers have higher income than most Americans is looking like it might be right. If you’ve not responded, please do.

 

[NPT]

That's kinda hard to know how to answer. Our income is probably less than half what it could be by taking money out of savings without depleting savings for at least 30 years.

 

[CO. Hoosier]

That's kinda hard to know how to answer. Our income is probably less than half what it could be by taking money out of savings without depleting savings for at least 30 years.

Right. I have pretty much total control of cash flow. . A baseload is baked in, but I can increase pretty easily by liquidating stuff.

 

[Aloha Hoosier]

That's kinda hard to know how to answer. Our income is probably less than half what it could be by taking money out of savings without depleting savings for at least 30 years.

I'd say interest and investment income should count as part of your income.

 

[Aloha Hoosier]

Right. I have pretty much total control of cash flow. . A baseload is baked in, but I can increase pretty easily by liquidating stuff.

I thought about how this might work for those that are retired. Retired people have sources of income, but they probably live on less than when they were still working. I expect that will be my situation in a year or two.

 

[JamieDimonsBalls]

A common opinion of WC posters is that we probably have higher incomes than the average American. I'm not so sure about that, but it is an interesting question. Let's do this anonymous poll and get a better gauge on that. About 9% of Americans make less than $15,000 (been there, done that) and almost 12 percent make more than $200,000. The median was about $70,784 in 2021.

These are the ranges based on 2021 statistics we're using:

https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/

Don’t forget how old the board skews. Age and income have a strong correlation.

 

[NPT]

I'd say interest and investment income should count as part of your income.

Well darn..., if investment income is factored in, I'll go in the hole this year.

It is an interesting poll. Hope people will participate.

 

[NPT]

Don’t forget how old the board skews. Age and income have a strong correlation.

Yeah it would be interesting to have a parallel poll where the same people say what age group they are in.

 

[CO. Hoosier]

I'd say interest and investment income should count as part of your income.

Plus Biden’s inflation will give me a healthy SS raise next year.

 

[UncleMark]

Don’t forget how old the board skews. Age and income have a strong correlation.

Do I count the big Social Security raise I'm getting from @JamieDimonsBalls ?

I wish @mcmurtry66 would come back so I could rub that in his face too.

 

[stollcpa]

I thought about how this might work for those that are retired. Retired people have sources of income, but they probably live on less than when they were still working. I expect that will be my situation in a year or two.

Income number should be easy. Wages, interest taxable and non taxable, dividends taxable and non taxable, capital gains, IRA, other pension withdraws and social security gross for year, profit and or loss from Schedule C, F and pass through entities and rental profits or losses and any other reportable income.

 

[snarlcakes]

Do I count the big Social Security raise I'm getting from @JamieDimonsBalls ?

I wish @mcmurtry66 would come back so I could rub that in his face too.

If it was up to me, I’d cut your SS and roll you off a cliff.

 

[UncleMark]

If it was up to me, I’d cut your SS and roll you off a cliff.

You Pubs never disappoint.

 

[Aloha Hoosier]

So far we’re not matching up well with the percentages in the link. I didn’t expect many in the lower brackets, but I also didn’t expect so many in the top two or three brackets. I expected more in the middle and a little above middle. We’ll see how the results go in coming days.

 

[NPT]

Income number should be easy. Wages, interest taxable and non taxable, dividends taxable and non taxable, capital gains, IRA, other pension withdraws and social security gross for year, profit and or loss from Schedule C, F and pass through entities and rental profits or losses and any other reportable income.

Well it's not quite that simple to me. I've been converting my IRAs to Roth IRAs so that makes my income really high as well as my Medicare premiums.

Besides that I had several EE savings bonds that matured in Nov and so did my wife.

 

[UncleMark]

So far we’re not matching up well with the percentages in the link. I didn’t expect many in the lower brackets, but I also didn’t expect so many in the top two or three brackets. I expected more in the middle and a little above middle. We’ll see how the results go in coming days.

Distribution doesn't surprise me at all.

 

[stollcpa]

Well it's not quite that simple to me. I've been converting my IRAs to Roth IRAs so that makes my income really high as well as my Medicare premiums.

Besides that I had several EE savings bonds that matured in Nov and so did my wife.

I guess average the last 5 years.

 

[twenty02]

So far we’re not matching up well with the percentages in the link. I didn’t expect many in the lower brackets, but I also didn’t expect so many in the top two or three brackets. I expected more in the middle and a little above middle. We’ll see how the results go in coming days.

I'm not surprised. Disregarding all the stupidity we have here on a daily basis, this is a fairly highly educated crowd.

 

[twenty02]

I guess average the last 5 years.

For retired folks...I think using an estimate of HHI during working years (inflation adjusted) is the best response. I know people with $5m+ that are elderly and probably spend less than $50k/yr..... and their taxable is only their dividends and SS and RMDs. That doesn't give a great representation of their financial situation.

 

[Marvin the Martian]

I'm not surprised. Disregarding all the stupidity we have here on a daily basis, this is a fairly highly educated crowd.

Or a crowd quite willing to lie on an anonymous online poll.

 

[UncleMark]

Or a crowd quite willing to lie on an anonymous online poll.

I just changed mine. The Social Security bump will put me in the next bracket.

 

[UncleMark]

Income number should be easy. Wages, interest taxable and non taxable, dividends taxable and non taxable, capital gains, IRA, other pension withdraws and social security gross for year, profit and or loss from Schedule C, F and pass through entities and rental profits or losses and any other reportable income.

Yo Stoll! Totally off topic, but what's the deal with this Payroll Tax Refund program I see advertised on TV everywhere? Sounds kind of squirrelly to me, like the shysters and the Camp LeJuene payouts.

 

[UncleMark]

For retired folks...I think using an estimate of HHI during working years (inflation adjusted) is the best response. I know people with $5m+ that are elderly and probably spend less than $50k/yr..... and their taxable is only their dividends and SS and RMDs. That doesn't give a great representation of their financial situation.

Yeah, retirement messes everything up. My actual take home cash flow is greater now than it was when I was working. I'm no longer investing and no longer paying for health insurance. SS and the delivery job are paying all the bills and then some.

 

[stollcpa]

For retired folks...I think using an estimate of HHI during working years (inflation adjusted) is the best response. I know people with $5m+ that are elderly and probably spend less than $50k/yr..... and their taxable is only their dividends and SS and RMDs. That doesn't give a great representation of their financial situation.

What they spend is irrelevant. If a 72 year-old has $5M their income is going to run up close if not over $200,000 per year. 3% interest only with RMD and social security will get you $200,000.

 

[stollcpa]

Yeah, retirement messes everything up. My actual take home cash flow is greater now than it was when I was working. I'm no longer investing and no longer paying for health insurance. SS and the delivery job are paying all the bills and then some.

My experience is that folks that saved and spent responsibility while working have better cash flow in retirement. You obviously have done that. I admire it!

 

[twenty02]

What they spend is irrelevant. If a 72 year-old has $5M their income is going to run up close if not over $200,000 per year. 3% interest only with RMD and social security will get you $200,000.

I agree with you... was just giving an example as to why retirement income isn't a great barometer.

 

[iuwclurker]

Or a crowd quite willing to lie on an anonymous online poll.

Or withhold it once the top earners appeared, which was early on in this poll as I noticed.

 

[twenty02]

Or a crowd quite willing to lie on an anonymous online poll.

What would be the point of lying on an anonymous poll?

 

[TheOriginalHappyGoat]

What would be the point of lying on an anonymous poll?

Good question, but the last poll said 95% of us support Biden, so who knows?

 

[Marvin the Martian]

What would be the point of lying on an anonymous poll?

To go with Goat's reply, my experience is that some people who do not like the asker will lie to mess with them.

Honestly I do believe we skew wealthy and the results are accurate.

 

[mcmurtry66]

To go with Goat's reply, my experience is that some people who do not like the asker will lie to mess with them.

Honestly I do believe we skew wealthy and the results are accurate.

Income and wealth are two different things and different questions. It’s easy to have a high income and be broke.

 

[Univee2]

To go with Goat's reply, my experience is that some people who do not like the asker will lie to mess with them.

Honestly I do believe we skew wealthy and the results are accurate.

You know Mike Brown is moving the Bengals to San Antonio, right?

 

[TomEric4756]

So far we’re not matching up well with the percentages in the link. I didn’t expect many in the lower brackets, but I also didn’t expect so many in the top two or three brackets. I expected more in the middle and a little above middle. We’ll see how the results go in coming days.

Given the debates and IU law school reminiscing from practicing and retired esquires (with JDs and LLBs) perhaps you should have.

 

[Marvin the Martian]

Income and wealth are two different things and different questions. It’s easy to have a high income and be broke.

Good point, we have good incomes. Older lawyers seem to be overrepresented on the board. That is a group that should have incomes above American averages. But they might believe in conspicuous consumption and have lower wealth.

 

[Mas-sa-suta]

Plus Biden’s inflation will give me a healthy SS raise next year.

First payment under new rates will be paid in December.

 

[Marvin the Martian]

First payment under new rates will be paid in December.

Great, Mark can pay for the 1st annual Water Cooler Christmas Party at St Elmo's with his new found wealth.

 

[UncleMark]

Great, Mark can pay for the 1st annual Water Cooler Christmas Party at St Elmo's with his new found wealth.

Maybe at Least White Castle...