Planning to Retire

How Much Annual Income Do Retirees Have?

By Emily Brandon

Posted: July 13, 2009

Most retirees get income from several places. The biggest source of retirement money for most Americans is Social Security. The average Social Security recipient gets about $13,908 annually as of June 2009. But then there’s pension income, if you’re fortunate enough to get one, savings from retirement accounts such as 401(k)s and IRAs, and increasingly some form of part-time work. Less common sources of retirement income include rent, royalties, insurance products, home equity, and even an inheritance. Not everyone can or is disciplined enough to save regularly or lucky enough to inherit a nest egg. So, there is a wide diversity in retirement income. Here’s a look at the recently released Census Bureau numbers about how much money Americans age 65 and over earned annually in 2007.

Total Income for Households Age 65 and Older in the U.S.

Source: Census Bureau, 2007.

wow

hello

bob of MT @ Sep 23, 2009 08:25:50 AM

Obama is worse than Bush

I can't say how history will remember George W. and the war on terror and Iraq. He did spend a lot of money on all that. But Obama is either crazy or just doesn't know what he is doing. He is out spending Bush and all the other presidents combined and is only 6 months into his first and only term as president. Make no mistake, he has ignored the wiser, cooler heads that advise him and gone crazy with spending our great grandchildren into unbelivable debt. He has made major auto companies into government run companies, his words closed private businesses by just saying they have to get out of the car selling business... these are privately owned businesses, not government owned, they were open and making money, employing thousands of people in decent jobs around the country, and boom, overnight at Obama's word they were forced to close thier doors. Find anywhere in the constitution where it says the government can take over a company and close its doors when it is not doing anything illegal. He wants to do the same to other business. His health care bill may be based on a need to improve some things, but not to destroy the best medical system in the world and turn it into just another socialized medical system that does not work well in any other country. Did you know that the government did a test trial of this in the state of Hawaii and it failed so badly that the state stopped it due to everyone complaining about how bad it was, and it was stopped and went back to the normal medical system we know is the best just 7 months into the trial. This plan could have some good ideas if Obama was open to other people's ideas, but he and his little group of advisors think they know it all and what's worse they think they know better than you what you want and need for you and your family. We may have been in the frying pan with Bush, but we are quickly falling into the fire with Obama. And frankly I'm tired of hearing Obama blame everything he doesn't know how to fix on George Bush. Yeah, Bush made some mistakes, but we still had America and independance when he left office, me and a lot of other people are just catching on that Obama doesn't like America or a free democracy and wants to change it to France, England, Saudia Arabia or some combination of someplace where there is socialism and a king... and I think we know who he will nominate to be king. I hope I am wrong, but it sure looks like he is on that road and a lot of blind, ignorant people are just following him down the road licking their chops hoping he will throw them a crumb.

Daniel O of IN @ Jul 29, 2009 23:59:05 PM

Retirement

I retired 5 yrs.ago because of med.problems,at the time I was a laborer for one of the largest manufacters in the U.S.makeing $14.00 per hr.here in the south when the 401k started we were the last to know.I had'nt saved much before things whent bad with that and the economy.I'm in the percent that was'nt blessed to own their own com.or earn a decent wage or pay for health care.When I left health care left and them guys getting $15,ooo per month something aint right

John Gray of AL @ Jul 21, 2009 08:36:47 AM

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Planning to Retire

Planning to Retire

Reporter Emily Brandon tells you how to get ready financially for retirement and to make your golden years the best they can be.

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