AUTHOR BIO
Mike Ballew is the founder of Eggstack®. He’s a member of the Financial Planning Association, an engineer, and software developer.
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ABOUT US
Mike Ballew is the founder of Eggstack. He’s a member of the Financial Planning Association, an engineer, and software developer.
Eggstack is an independent financial technology company located in Jacksonville, Florida. Our mission is to help you overcome uncertainty about retirement planning and inspire confidence in your financial future.
PRIVACY POLICY
Introduction Eggstack will never share your personal information with anyone for any reason. No person, company, organization, or entity of any kind will be allowed access to your data. Our Mission Our mission is to help you overcome uncertainty about retirement planning and inspire confidence in your financial future. Security Measures Eggstack employs cyber security measures to ensure our site remains safe from malicious activity. Additional measures are in place to protect against unauthorized access. When you enter data into the system, it is collected and stored with bank-level, 128-bit encryption. Cookies Eggstack uses cookies to remember you and improve your online experience. Questions? If you have any questions regarding online privacy or security, please contact us by navigating to Contact Us.
RETIREMENT PLANNING
Average US Retirement Income
written by Mike Ballew|April 17, 2019
According to the U.S. Census Bureau, the average U.S. retirement income broken down by age is as follows:
Households Age 65-74: $69,000
Households Age 75 and Older: $46,000
Sources of Retirement Income
Based on information from the Pension Rights Center, income for retired Americans age 65 and older comes from the following sources:
- Social Security: 85 percent of older Americans receive Social Security retirement benefits. The average annual Social Security benefit is $18,500.
- Savings: 65 percent of retirees have income from investments and other retirement savings. The average annual account distribution is $18,000.
- Pensions: 31 percent of retirees receive a pension. You can expect that number to go down as the number of Americans receiving pensions continues to decline.
- Earnings: 24 percent of retirees work and earn income. As pointed out in Social Security and Working, those age 66 and under who draw Social Security retirement benefits while working may have their benefits temporarily reduced. The average annual earned income for older Americans is $25,000. Note that for those who work, this represents the largest single source of income.
Retirement Savings
All of this points to the need to save for retirement. You should start saving early and take advantage of the “catch-up” amounts for those age 50 and up which allow increased account contributions as retirement approaches.
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Final Word
While it’s interesting to note the average retirement income, it’s more important to start planning for your retirement. Do some research so you will be better-equipped to make informed decisions when the time comes. You need to be able to answer these questions:
- When can I retire?
- How much should I save?
- When should I begin drawing Social Security retirement benefits?
Are you simply saving some of your paycheck and hoping for the best? That is not a strategy. The best way to plan for retirement is to hire a financial advisor or avail yourself to sophisticated financial modeling software. Instead of relying on a one-size-fits-all rule of thumb, financial modeling software performs year-by-year simulation to deliver results tailored to your unique situation. To learn more, check out this article entitled Best Retirement Planning Software. It’s your retirement and you’re the one who’s going to be living it, shouldn’t you be the one planning it?
Photo credit: PixabayThe Eggstack Blog will never post an article influenced by an outside company or advertiser. Our mission is to help you overcome uncertainty about retirement planning and inspire confidence in your financial future.
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■MIKE BALLEW
Eggstack founder, Financial Planning Association member, engineer, and software developer.
