Sentences with phrase «average social security retirement benefit»

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.

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

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).

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!

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

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.

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.

✓ 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.

✗ 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).

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.