Sentences with phrase «average social security income»

First, we looked at the average Social Security income for each county.

We subtracted the taxes from that average Social Security income to determine the net income from Social Security.

Not exact matches

For these people, their sole retirement income, aside from potential aid from friends and family, comes from Social Security, for which the current average monthly benefit is $ 1,230.

The survey of 903 adults aged 50 or older, who are either already retired or plan to retire in the next ten years, revealed those who began receiving Social Security income early report a lower average monthly payment ($ 1,190) than those who started at their full retirement age ($ 1,506) and those who delayed benefits until age 70 ($ 1,924).

«Social Security can represent up to 40 % of the total income the average worker receives throughout retirement and when and how to file are some of the most important financial decisions they make in their lifetimes,» said David Giertz, president of distribution and sales for Nationwide Financial.

On its website, the SSA says, «Social Security replaces about 40 percent of an average wage earner's income after retiring, and most financial advisors say retirees will need 70 percent or more of pre-retirement earnings to live comfortably.»

As fewer companies offer pensions and Social Security makes up a smaller percentage of the average retiree's income, individuals will have to rely more on their own savings for living in retirement.

Your decisions around Social Security can make a big impact on your retirement — especially considering that Social Security Administration estimates say it makes up about 40 % of the average 65 - year - old's retirement income today.

Based on Social Security Administration estimates, participants with career average earnings of roughly less than $ 21,000 are expected to receive benefits that will replace 59 % to 81 % of their pre-retirement income.

Delaying retirement from 65 — the average age people planned to retire, according to the RSA study — to their full Social Security retirement age (between 66 and 67, depending on their birth year) may be the best way for most preretirees to boost their retirement savings and increase their retirement income levels.

With all this in mind, it's important to remember that Social Security was never intended to cover everything — on average, it provides about 40 % of your pre-retirement income.

with a 3 - part solution: social security, 401Ks and defined with a total cap in the median income range (approx what the average teacher gets).

Social Security benefits replace 40 % of an average worker's income after retiring.

Specifically, except for households of low to modest means, the retirees they tracked were spending less on average than the amount available to them from Social Security, pensions and income from retirement accounts.

Reverse mortgages, which allow boomers to access the equity in their home without having to pay a monthly mortgage payment, are a more strategic approach than relying solely upon social security, which averages to a monthly income of only about $ 1230.

Delaying retirement from 65 — the average age people planned to retire, according to the RSA study — to their full Social Security retirement age (between 66 and 67, depending on their birth year) may be the best way for most preretirees to boost their retirement savings and increase their retirement income levels.

Plus, 5 ways to turn retirement savings into income, how a big lottery win might affect your Social Security benefits, and if you dollar cost average into Bitcoin to buy winter parkas, how is that... Read more

First, The Means Test measures the total «regular» income received in the six months prior to the Chapter 7 bankruptcy filing and averages that income (less social security types of income).

On its website, the SSA says, «Social Security replaces about 40 percent of an average wage earner's income after retiring, and most financial advisors say retirees will need 70 percent or more of pre-retirement earnings to live comfortably.»

That is quite a nice amount, especially if your mortgage is paid off, and with the average social security check of $ 1,200, you would be looking at a $ 4,500 monthly income.

For those with average income, Social Security Retirement Benefits generally replace about 40 % of those earnings.

For this decision, your income is your average gross income (i.e. income before taxes) for the last six calendar months, excluding any benefits under the Social Security Act.

Social Security might offer some disability protection, but the $ 1,171 average monthly benefit would not provide substantial income replacement for most workers.

Consider that Social Security retirement benefits are only designed to replace about 40 % of the average worker's income, so it's fair to expect that the same can be said of survivor benefits.

Looking at numbers from an Urban Institute study, the AP found that a married couple retiring in 2011 after both spouses earned average income during their lives paid total Social Security taxes of $ 598,000.

Who can blame freelance critics, whose average income (according to Germany's state social security provider for artists and writers, Künstlersozialkasse), is below the statutory minimum wage, for accepting works that they would never be able to afford from their earnings alone?

Today, given that fewer and fewer people are receiving defined benefit pension plans from their employers, and that Social Security is only replacing about 40 percent of the average wage earners income, it is good to know that there are options for those who are over age 60 to supplement their income when their employer's paycheck stops.

In fact, Social Security replaces nearly 40 percent of an average wage earner's income after retiring.4 But at what age should you apply for your benefits?

Social Security benefits replace 40 % of an average worker's income after retiring.

Meanwhile, the average monthly Social Security check is $ 1,404, and more than 40 percent of single adults receive more than 90 percent of their income from Social Security alone, according to government data.