Income from Pensions

In 2016, pension benefits provided income to nearly one third of older adults. Below are some statistics on the median benefits received by older adults.

Median Pension Benefit

In 2016, one out of three older adults received income from private company or union pension plans, federal, state, or local government pension plans, or Railroad Retirement, military or veterans pensions. The median private pension benefit of individuals age 65 and older was $9,262 a year. The median state or local government pension benefit was $17,576 a year.

Table 10. Median benefit for persons age 65 and older with income from private pensions and annuities, public pensions, and veterans benefits
Type of pension benefit	Median benefit, 2016
Private pensions and annuities	$9,262
Federal government pension	$22,172
State or local government pension	$17,576
Railroad pension	$24,592
Military pension	$20,723
Veterans benefits	$10,639

Median Income by Retirement Benefit Type

In 2014, the median income of retiree aged units (with no earnings from work) age 65 and over with pensions and Social Security was more than twice the income of aged units receiving only Social Security.

Table 11. Median annual income of retiree (persons with no earnings) aged units 65 and older, by retirement benefit types
Retirement benefit type	Median income, 2014
Social Security only	$15,871
Social Security and private pension	$36,270
Social Security and a federal pension	$38,806
Social Security and Railroad Retirement, state, local government or military pension	$37,789

For More Statistics on the Income of Older Adults:

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If you have a problem with your retirement plan, free help may be available from the U.S. Administration on Aging's network of Pension Counseling and Information Projects. Find help now.

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In the News

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Did You Know?

A joint-and-survivor annuity is an annuity that pays a monthly benefit over the lives of the participant and his or her surviving spouse. This is the default form of benefit for married participants in most defined benefit pension plans. Because it lasts for the life of both the worker and the spouse, a joint-and-survivor annuity typically results in a lower monthly benefit payment than a single-life annuity.