America Is Turning Out More Millionaire Retirees Than Ever

A study from United Income determined one of every six American retirees is a millionaire, if the value of their homes is accounted for, reports InvestmentNews . Their average wealth has climbed more than 100 percent since 1989 to $752,000, while the share of those who are millionaires has doubled. Sixty-two percent of retirees are enjoying life without physical or cognitive limitations, compared to 49 percent in 1963. However, the study also noted that, "The largest change in activity is a near doubling of the amount of time retirees watch TV over the past 40 years." The average 60-year-old retiree now watches TV almost three hours daily, with the biggest gains in high-income, highly educated households, which experienced a 78 percent increase in couch time since 1975, versus 43 percent for lower-income households. The study also cited 2016 Pew Research Center data indicating that more than 55 percent of households older than age 65 watch cable news, which "actually reduced knowledge that people have about actual events." Meanwhile, income inequality among retirees has remained more or less the same since 1989, although a rising stock market triggered a 42 percent rise in wealth inequality among older Americans. "The wealthiest retirees are wealthier but are not spending more, relative to previous generations," says United Income CEO Matt Fellowes.