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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