what is the average retirement income in usa

what is the average retirement income in usa

As of my last knowledge update in September 2021, the average retirement income in the United States can vary widely depending on various factors, including an individual’s or household’s savings, investments, Social Security benefits, and pension income. At that time, the average Social Security retirement benefit was around $1,500 to $1,600 per month, which equates to roughly $18,000 to $19,200 per year. However, many retirees have additional sources of income, such as pensions, 401(k) or IRA withdrawals, and other investments.

It’s important to note that these figures can change over time due to inflation, changes in Social Security laws, and other economic factors. Additionally, the actual retirement income for individuals or households can vary widely, with some retirees having significantly higher income due to substantial savings and investments, while others may rely primarily on Social Security.

To get the most up-to-date information on the average retirement income in the USA, it is advisable to consult recent government reports or financial research studies, as these figures can change over time. You may also want to consult with a financial advisor for personalized retirement planning.

Posted by Paul Shala http://usaplanb.com

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