According to an AARP Public Policy institute analysis of Census Bureau data, the average income for individuals age 65 and older was $31,742 in 2012. Common sources of retirement income include monthly Social Security payments, income from investments, savings and part-time jobs, according to U.S. News & World Report.Continue Reading
A total of 84 percent of individuals aged 65 and older received income from Social Security in 2012 according to U.S. News & World Report. AARP found that the median Social Security benefit in 2012 was $16,295 for men and $11,999 for women. A total of 30 percent of retirees receive income from a traditional pension or withdraw funds from a retirement savings account, such as an IRA or 401(k). The median amount of income from these sources was $12,000 per year in 2012.
Due to the decline in interest rates, the share of asset income from interest and dividends has gone down from 24 percent in 1990 to 11 percent in 2012, states U.S. News & World Report. Approximately 22 percent of individuals aged 65 and older continue to work past retirement age, earning a median of $25,000 in 2012, making it a very significant source of income for these individuals. A part-time job is something to consider for those individuals whose Social Security benefits and income from savings and investments are not high enough to allow them the lifestyle that they want in retirement.Learn more about Financial Planning