How Your Retirement Savings Stack Up (Part 2)

Posted In: Financial Planning Investment Retirement

Zooming in on this 41% subgroup

That doesn’t necessarily mean these retirees will have nothing to provide income in retirement. Consider these factors:

  • 56% are homeowners, with 22% having paid off their house in full.
  • 32% have a defined benefit plan (i.e., a pension).

Furthermore, though the report doesn’t provide a specific number, most of these retirees will eventually claim some type of Social Security benefit. As the authors note, “Social Security replaces a higher percentage of earnings for lower-income workers and their dependents than for higher-income workers.”

The average yearly income for this subgroup clocks in at $26,000 — and the average Social Security retirement benefit provided to all Americans who receive it, is currently at $16,100. Technically, the program could replace over 50% of the income from this group, but the benefits this group receives are probably lower because of lower lifetime earnings.

It’s also important to note, however, that this represents the average check per person receiving a benefit; if a household has two former workers, or one receiving spousal benefits, it could potentially be higher.

Stay tuned for Part 3 to read more of this article series!

Original article by Brian Stoffel via The Motley Fool February 26, 2016

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