Since Social Security retirement benefits are not always enough to make ends meet, retirees often supplement their benefits with income from various sources, including investments, pensions and part-time jobs. CNN Money suggests you'll need 70 percent of your pre-retirement salary to live comfortably during your retirement years.
According to a 2014 Forbes article, married couples over age 65 have a median yearly income of $44,718. Forbes reports that individuals 65 and older have a median annual income of $25,757. The calculation includes all sources of income, including government assistance, disability, Social Security, pensions, IRAs or 401(k) plans.
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Social Security Earnings
Social Security provides 36.7 percent of income for Americans age 65 and over, according to Forbes. ABC News reports that the average retired worker in 2014 received $1,294 per month in Social Security earnings, while the average couple received $2,111. The benefit amount varies depending on the amount paid in and the age of retirement. In 2015, Social Security recipients received a 1.7 percent increase due to a cost of living adjustment. The Kiplinger website reports that the maximum Social Security retirement benefit amount is $2,663 per month in 2015.
- Forbes: Who Are Americans 65 And Older?
- U.S. News: How Retirement Benefits Will Change in 2015
- CNN Money: How Much Money Will I Need in Retirement?
- ABC News: Key Numbers for 2014 Retirees
- How Much Social Security Benefits Will Rise in 2015
- United States Department of Labor: 10 Ways to Prepare for Retirement