A mere 31 percent of today’s retirees have retirement income from a pension, a 6% drop over recent years. Vital Dollar recommends that you consult a financial professional for specific advice for your own personal situation and do your own research before making any financial decisions. Another note about the average retirement income numbers seen below, the best data comes from the US Census Bureau. Knowing about average retirement income 2019 is interesting and one way to benchmark your financial health. Learn how your comment data is processed. At age 75 and up, the rate will jump from 5 percent in 2002 to 11 percent in 2022. This has become the primary source of income retirement with some 42% of Americans relying on these tax-deferred accounts to support their retirement years. Set specific retirement goals, and work with an advisor to create a financial plan that will help you meet them. Vital Dollar has partnered with CardRatings for our coverage of credit card products. 37220: 36.068452, -86.793116: Nashville, Tennessee: 6,163: Average household spending for these two groups was $87,459 and $45,725 respectively, although spending net of income tax, insurance and pension contributions was only $65,086 and $36,339. You may also want to explore the best way for you to turn your savings into retirement income. Some Americans are fortunate to receive pension during retirement. It does not need to be high stress. Mean: Mean or average income is calculated by totaling each household’s income and then dividing by the number of households. Increased Interest in Deferred Lifetime Annuities: According to LIMRA, deferred lifetime annuities (also known as longevity annuities) are growing in popularity. SOURCE: Data is summarized from the US Census Bureau’s Current Population Survey(CPS) Annual Social and Economic (ASEC) Supplement. If you wait to start benefits, you might earn an additional $300 a month — or more. How to Boost:  There are quite a few different programs that help low-income seniors. Best Deals From www.couponupto.com Esri has released a "ZIP Lookup" where people can plug in their zip code and find out such things as the population density, the age range and the median household income. Occupied Housing Units and much more. While this number is in line with the average income for working Americans, nearly 30 percent of all retirees still count on their savings to be able to pay their bills. It is more relevant to consider how your income stacks up against others in your own zip code. Perhaps the best way to boost your retirement income from savings is to actually spend less! It maximizes the growth of some of your assets while minimizing risk on others. A total of 946 results found. Advisory services offered through Foundations Investment Advisors, an SEC Registered Investment Adviser, How to Compare Annuity Plans: Choosing the Right Annuity for You, Six Strategies for Planning for Health-Related Expenses Before Retirement. Okay, maybe not so easy. You can find population totals, from the 2010 Census, by age, gender and ethnicity. Required fields are marked *. However, it took several years before this geographic level was available from the Census Bureau. Explore the benefits of work after retirement and the best jobs for retirees. Let's look at an example. Learn more about smart strategies for Social Security if you are married. The second most reliable and certain source of retirement income is work income. Average Social Security Retirement Income. If you are of retirement age now, your benefits are probably not in peril. Pretty basic stuff, yes. Reverse mortgages are an increasingly popular option. The US average is 4.6%. While many retired people benefit from their 401(k) income and similar employer-sponsored retirement plans, or IRAs, the average baby boomer has just $164,000 in retirement assets. Population density: 3,107 people per square mile (average). According to the most recent research from Boston College, the percentage of retirees in 2019 who are at risk of not having enough is about 50 percent. It was only ever intended to supplement retirement income. The state you live in may affect your average retirement income, depending on the cost of living and the job opportunities available. Retirement is more of a mindset these days. If you are married, it is especially important that the higher earning spouse defers the start of benefits for as long as possible. You can jump down to see average retirement income numbers for 2018 as well as find out how to compare your income to averages in your own zip code. First off, know that average income might not be the number you really want to know. However, knowing your own projected retirement income from now throughout retirement and also calculating your future spending is the key to a secure retirement. In general, single people depend more heavily on Social Security checks than do married people. The ZIP codes are listed according to the highest to lowest median home price along with the average number of days on the market. Median Household Income in Tucson, AZ with a color coded Zip Code Heat Map. A 2019 analysis of more than 30 million retirement accounts by Fidelity Investments found that the average balance in corporate-sponsored 401(k) plans at the beginning of 2019 was $103,700. Homes in ZIP code 03849 were primarily built in the 1980s or the 2000s. They have found that that most older adults have little in savings. According to the AARP, the median retirement income earned by retirees from work is $25,000 a year. The data include items, such as: The US average is $28,555 a year. 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