Sentences with phrase «average social security retirement»

One downside for retirees: The average Social Security retirement check received by folks living in Albuquerque is $ 1,227.11.

Average Social Security retirement benefits are a healthy $ 1,379.93.

If the average Social Security retirement benefit sounds unimpressive, remember that Social Security is meant to supplement the money you've set aside for retirement — likely earned through a qualified retirement plan such as a 401 (k), individual retirement account or other tax - advantaged account.

One of the reasons that the average Social Security retirement benefit amount is so far from the maximum is because the largest number of Americans begin receiving benefits as soon as they're allowed — at age 62.

At the Federal Reserve's target rate of 2 percent, inflation could erode more than $ 73,000 of a retiree's purchasing power over 20 years if that person were receiving the monthly average Social Security retirement payment of $ 1,341.

Not exact matches

I have no debts whatsoever, plenty of cash savings, a very healthy retirement portfolio, a nice home all paid for, a good pension plus above average social security payments, so I am able to travel widely and stay in high end hotels.

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).

thanks, and yes, a pittance of a pension and regular checkups keep us on budget and head off any problems — best decision i ever made (financial or otherwise) was serving our country doing search - and - rescue, oil and chemical spill remediation, etc. (you can guess the branch of service)-- along the way, frugal living, along with dollar - cost averaging, asset allocation, and diversification allowed us to retire early — Vanguard has been very good over the years, despite the Dot Bomb, 2002, and the recession (where we actually came out better with a modest but bargain retirement home purchase)... it's not easy building additional «legs» on a retirement platform, but now that we're here, cash, real estate, investments and insurance products, along with a small pension all help to avoid any real dependence on social security (we won't even need it at full retirement age)-- however, like nearly everybody, we're headed for Medicare in several years, albeit with a nice supplemental and pharmacy benefits — but our main concern is staying fit, active, and healthy!

«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.

In 2010, the average debt among individuals close to retirement was more than $ 120,000, according to the Social Security Administration.

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.

Then we use the average of your highest 35 years of indexed earnings to calculate your Social Security benefit at full retirement age.

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.

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.

The average American worker's best shot to securing financial independence in today's world where pensions are gone and Social Security is drying up, is to MAX out their tax - deferred retirement accounts.

Of workers 56 - 61 years old, 39 percent have no employer - sponsored retirement plan whatsoever and will likely depend entirely on Social Security, which pays an average benefit of $ 1,239 per month.

That is sooner than U.S. averages for all workers: the U.S. Social Security normal retirement age for anyone born after 1960 is 67, and the Boston College Center for Retirement Research estimates the national average retirement age at 62 for women and 64 for men.

The average full - career state employee pension, combined with Social Security where it's offered, provides an 87 percent replacement rate, meaning these workers can expect to receive $.87 in retirement for every $ 1 they were earning pre-retirement.

In contrast, those who wait until age 70 to enroll are rewarded with a 32 % increase in the total monthly payment they qualify for at their full retirement age.1, 2 Today, the average monthly social security check is $ 1,404.3 If an individual was eligible to receive the average monthly payment amount at their full retirement age but they enrolled at age 62, they would only receive $ 1,053 per month.

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.

Forty - five million retired workers and their dependents receive Social Security retirement benefits as of June 2017, with an average monthly benefit of $ 1,369.

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.

It more than doubles the average monthly full retirement check from Social Security — a $ 2,639 check versus $ 6,351 in debt.

And, the typical Social Security retirement check here is above the national average, at $ 1,343.51.

What we do know is that the average monthly retirement check was only $ 1,369 in June 2017, according to the Social Security Administration — and that's not much.

✓ Social Security and / or pension benefits won't cover your regular expenses ✓ You're over 45 but not too far into retirement ✓ You've accumulated between $ 250,000 and $ 5 million in retirement savings ✓ You have average or above - average health ✓ You're seeking greater certainty in retirement and more of an insurance product ✓ You'd like to reduce your Required Minimum Distributions and defer associated taxes

✗ Social Security and / or pension benefits cover your regular expenses ✗ You're younger than 45 or over 75 years old ✗ You've accumulated less than $ 250,000 or more than $ 5 million in retirement savings ✗ You have below - average health ✗ You're seeking higher risk and more of an investment product

Let's assume you and your spouse will each receive the average monthly Social Security retirement benefit of $ 1,294 (as of May 2014).

✓ Social Security and / or pension benefits won't cover your regular expenses ✓ You're a pre-retiree or early in retirement ✓ You've accumulated between $ 250,000 and $ 5 million in retirement savings ✓ You have average or above - average health ✓ You're seeking greater certainty in retirement and more of an insurance product ✓ You don't need access to the money immediately

✗ Social Security and / or pension benefits cover your regular expenses ✗ You're younger than 45 or over 75 years old ✗ You've accumulated less than $ 250,000 or more than $ 5 million in retirement savings ✗ You have below - average health ✗ You're seeking higher risk and more of an investment product ✗ You need access to the money immediately

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

Since 2004, total employer contributions for teacher retirement benefits, inclusive of Social Security, have increased from 12 to almost 23 percent of salaries on average nationally.

Note that while Social Security is the winner in that it protects you from all three risks, it only covers, on average, 40 % of someone's retirement spending.

✗ Social Security and / or pension benefits cover your regular expenses ✗ You're years away from retirement ✗ You've accumulated less than $ 250,000 or more than $ 5 million in retirement savings ✗ You have below - average health ✗ You're seeking higher risk and more of an investment product

✓ Social Security and / or pension benefits won't cover your regular expenses ✓ You're about to retire or are already in retirement ✓ You've accumulated between $ 250,000 and $ 5 million in retirement savings ✓ You have average or above - average health ✓ You're seeking greater certainty in retirement and more of an insurance product

If there was a percentage increase in the average CPI - W for the third quarter of the current year over the average for the third quarter of the last year a COLA took effect, then Social Security will increase retirement benefits by that amount.

Social security retirement benefits replace about 40 % of the average earner's salary (not living expenses).

Although Social Security retirement benefits are protected against inflation by annual Cost of Living Adjustments, the estimated average retirement benefit for retirees is only about $ 1,360 a month, and the survivors of workers receive an average of only $ 1,285 a month (in 2016).

Over the past 25 years, the average retirement age for U.S. workers has been rising, a trend that should align with when people first claim Social Security.

One of the key components that the Social Security Administration uses to calculate your Social Security retirement benefit is called the Average Indexed Monthly Earnings, or AIME (don't you just love the acronym - loving Social Security Administration?

For example, if your full retirement age begins at 66, Social Security payments will increase 8 % annually on average for every year you choose to delay benefits until age 70.4

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.

If you have average earnings, your Social Security retirement benefits will replace only about 40 percent.

The average age for retirement is 62,1 which is an important factor2 because that is when you can start claiming Social Security benefits.

If you have average earnings, your Social Security retirement benefits will replace only about 40 % of your pre-retirement earnings, so you'll need to supplement your benefits with a pension, savings or investments.