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.
- Under $5,000 (2.4 percent)
- $5,000 to $9,999 (7.7 percent)
- $10,000 to $14,999 (13.3 percent)
- $15,000 to $19,999 (11.4 percent)
- $20,000 to $24,999 (9.3 percent)
- $25,000 to $34,999 (15 percent)
- $35,000 to $49,999 (13.7 percent)
- $50,000 to $74,999 (11.9 percent)
- $75,000 to $99,999 (6 percent)
- $100,000 and over (9.3 percent)
Source: Census Bureau, 2007.