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Retirement Income Statistics

Are you currently on track to receive retirement income that will meet your spending needs once you retire? While your specific needs will vary depending on a number of factors, it may be helpful to look at a few statistics to determine where you stand in relation to the rest of the nation. Keep reading to review a few key retirement income statistics.

Average Retirement Income

Recent statistics suggest that the average baby boomer is not adequately saving for retirement. According to a recent Fidelity research poll, the median average amount of personal retirement savings held by baby boomers (individuals born between 1946 and 1964) is $35,000. This total is, on average, a result of investing $2,750 annually towards retirement. These figures do not include 401k accounts, pension plans and other retirement funds.

For baby boomers with a 401k plan, the average account balance is around $80,000. Add up all sources of retirement income, and Fidelity estimates that the average baby boomer is currently on track to cover 59 percent of what they make during pre-retirement. On average, the typical retiree's monthly bills are 70 percent of what they are during pre-retirement.

Expectations for Income in Retirement

According to the same Fidelity poll, an estimated 57 percent of baby boomers expect to receive retirement assistance from a personal or spousal pension plan. Such plans can dramatically boost the average monthly income of a retiree. Additionally, 22 percent of baby boomers plan to earn additional retirement income via the sale of their primary home. For those who prefer to keep their homes, a reverse mortgage may prove to be a good alternative.

Statistics also suggest that 69 percent of baby boomers intend to work part-time during retirement. For the majority of those polled, the main purpose of this part-time work will be to help pay for basic expenses.

Retirement Income: Are You on Track?

Based on these retirement income figures, it is easy to determine how well you are doing in comparison to other baby boomers. However, understanding how much you personally need to save can still be difficult. To aid in the process, you might consider using an online retirement income calculator. Such tools will walk you through the process of determining how much you may need to save on a monthly basis in order to live comfortably in your later years.

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