Income from Pensions

In 2008, pension benefits provided income to nearly one third of older adults. Below are some statistics on the median benefits received by older adults.

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Median Pension Benefit

In 2008, one out of three older adults received income from private company or union pension plans, federal, state, or local government pension plans, or Railroad Retirement, military or veterans pensions. The median private pension benefit of individuals age 65 and older was $7,584 a year. The median public plan pension benefit was $18,000 a year.

Table 10. Median benefit for persons age 65 and older with income from private pensions and annuities, public pensions, and veterans benefits

Type of pension benefit

Median benefit, 2008

Private pensions and annuities

  $7,584

Public pensions

$18,000

Railroad pension

$13,466

Military pension

$16,783

Veterans benefits

  $7,800

 

Median Income by Retirement Benefit Type

In 2006, the median income of retiree aged units (with no earnings from work) age 65 and over with pensions and Social Security was more than twice the income of aged units receiving only Social Security.

Table 11. Median annual income of retiree (persons with no earnings) aged units 65 and older, by retirement benefit types

Retirement benefit type

Median income, 2006

Social Security only

$13,770

Social Security and private pension

$28,262

Social Security and a federal pension

$30,804

Social Security and Railroad Retirement, state, local government or military pension

$35,110

 

  

For More Statistics on the Income of Older Adults:

  Note: Every effort has been made to include the latest available figures. If you know of more recent numbers, please let us know.