Income from Pensions

In 2017, 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 2017, 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 $9,645 a year. The median state or local government pension benefit was $17,894 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, 2017
Private pensions and annuities	$9,645
Federal government pension	$28,868
State or local government pension	$17,894
Railroad pension	$24,413
Military pension	$21,441
Veterans benefits	$13,751

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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Did You Know?

In 2017, workers will be able to contribute up to $18,000 to their 401(k) plans. Workers age 50 and older can contribute $24,000. Employers can match those contributions up to a total employer-employee limit of $52,000. Check out our helpful fact sheet to learn the contribution limits for other retirement plans. Read the fact sheet.