Why Pensions Are Important

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Pensions are important to retirement security because:

Social Security provides only a safety net.

Average yearly Social Security payment: $12,620

Average minimum-wage salary: $12,168

Average portion of pay Social Security replaces: 43%

Most retires have little in personal savings.

Median total savings of older households: $36,100

Median income from savings of older Americans: $ 1,685

MEDIAN INCOME OF OLDER AMERICANS: $16,890

Retirees with pensions have greater income security.

Median yearly income of retires with pensions: $28,410

Percentage of older Americans with a pension: 35%

PENSIONS ARE IMPORTANT TO THE ECONOMY

Pensions are the world’s largest source of capital: $10 Trillion

These figures were taken from the Pension Rights Center web site.

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2 Responses to “Why Pensions Are Important”

Rich Life Carnival #2 » Your Finish Rich Plan - A Personal Finance Blog on May 16th, 2008 7:55 am

[...] Benoit presents Why Pensions Are Important posted at Financial Learn. (Too) short article. The related posts are worth reading, [...]
Money Hacks Carnival #13 — Money Saving Hacks Edition | Moolanomy on May 21st, 2008 3:35 am

[...] Why Pensions Are Important posted at Financial Learn — Faron discusses the importance of pensions by the number. [...]

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