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.
|
|
Type of pension benefit |
|
Private pensions and annuities |
$9,262 |
Federal government pension |
$22,172 |
State or local government pension |
$17,576 |
Railroad pension |
|
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.
|
|
Retirement benefit type |
|
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:
Looking for help with your retirement plan?
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.
What's your story?
We're hearing from people around the country who are worried about cuts to their pensions. These are their stories.
PensionHelp America connects people who need help with their pension, 401(k), and other retirement plans with the pension counseling projects, legal services providers, and government agencies that can help answer their questions. Visit www.pensionhelp.org.
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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.