Social Security, a savings plan and a pension are the three most commonly thought of sources for income during retirement. But the facts and figures of yesteryear won't work for planning to retire now or in the future. People are living longer on the average, according to Larry Bechtold, AARP, people are retiring at about 62 years of age. That means retirement could last approximately 40 years, a long time necessitating a steady income. Social Security benefits are dependable even though the monthly amount is not sufficient by itself.
Women can get into more of a bind because of a lack of consistent years working a full-time job.
Women retiring now very well could have worked on and off at lower paying jobs possibly without even a pension plan. However, people are eligible for deceased spouses benefits. It is difficult to figure what the amount of your benefit will be ahead of time because the laws and guidelines change. The next thing to consider is any employers supplemented savings plan. Generally, it is not enough by itself, either.