IA 12/11/2025 Fidelity Viewpoints article was titled “9 tips for your New Year’s money resolutions”. It covered the normal items such as : Inventory your finances including income and expenses; Review your budget to make room for future priorities; and start setting aside cash to cover emergencies like car repairs, medical bills, or job loss.

Almost half say that rising prices is their top financial concern and 64% are considering a financial resolution for 2026, up from 56% in 2025.

According to an artificial intelligence summary, in 2025 the estimated median annual income for a retired American couple (households aged 65 and older is approximately $84,670). The average (arithmetic mean) is around $100,000 and is higher than the median because it is skewed by higher-income couples. Median means half the households have higher income and half have less income than $84,670. The median income for those ages 65-69 is $68,860 and $61,780 for those ages 70-74.

According to a 11/07/2025 Kiplinger article by Donna Fuscado “Average Spending by Age for Those 55 and Up”, average spending for households ages 55-65 was $74,228 and $58,876 for those ages 65-74. The $15,876 decrease for those ages 65-74 was mainly due to decreased spending on food, housing, transportation, and personal insurance & pensions.

An artificial intelligence summary shows that the median savings is $185,000 (average is $537,560) for households ages 55-65 and $200,000 (average is $609,230) for households ages 65-74. For the median or average household, retirement income exceeds spending, excluding huge medical bills; paying large college bills for kids or grandkids; and luxury items such as heavy overseas vacations. However, rising prices is still a major concern for those who are retired or plan to be within the next 10-15 years. Based on 50 years in the retirement planning field, here are the major items that will make a significant financial difference in your retirement years.

Don’t retire and take Social Security until age 70. In 2025, the average annual Social Security retirement income was $23,712 for a single retired workers and $37,068 for a retired couple with both receiving benefits. For those who paid in the maximum subject to Social Security tax for at least 35 years, the maximum benefit at 62 is $33,972; $48,216 at age 67; or $61,296 at age 70. Even if one spouse never worked, she would receive half of the husband’s $61,296 if both were age 70 and total Social Security income would be $91,844. If they were both age 67 when they started taking Social Security, their total would be $72,324. By waiting until age 70, you receive almost double what it would be at age 62.

Use half of the average $609,230 savings for those ages 65-74 to deposit $300,000 in a private pension fund. If you are age 65, you only have to wait about 4 years, and you will then receive about $30,000/year income guaranteed no matter how long you live. This far exceeds the 3-4% you can earn in bank CDs or 30-year Treasury Bonds. This also exceeds the 2% average dividends in the S&P 500 Companies since 2000.

Avoid excessive financial aid to kids and grandkids! Many rob their future retirement lifestyle by paying for all of their kids’ or grandkids’ college expenses. Explain to them at an early age that they need to earn scholarships; work part-time; and use student loans to pay for college in a field that is in high demand when they graduate. It’s not just college expenses and an alarming number 18% of adult kids ages 25-34 still live with their parents.

To RSVP for future seminars or schedule a free consultation, please contact Dr. Harold Wong at (480) 706-0177 or This email address is being protected from spambots. You need JavaScript enabled to view it.. His website is www.drharoldwong.com.

Dr. Wong earned his PhD in Economics at UC Berkeley in 1974 and passed the National CPA exam in 1979. He has appeared on over 400 TV/Radio programs.