Latest News
Just where does retirement income come from?
Social Security is the biggest source of income for retired Americans with the average monthly benefit per retired worker (not household) at just under $17,000 a year, or $1,412 per month. Social Security and income from private and government pensions provide about 50% of the income for the average older American household, according to data from the Bureau of Labor Statistics. The next largest chunk of retirement income ($3,300 a year) derives from interest from savings, dividends from investments, and income from rental property. In this article, Dayana Yochim analyzes the sources of income and provides insight and advice on “how to give yourself a raise in retirement.” Read more…