Pensions are a key part of the financial plan for many seniors. These benefits provide ongoing income to help manage expenses, but they generally are not enough on their own to support a comfortable lifestyle for seniors. Here is a breakdown from Personal Capital of how many seniors in the United States receive pensions, as well as what those tend to provide on a yearly basis.
Fewer Than 31% of Retirees have a Defined Pension Plan
The Median Annual Pension Benefit for a Private Plan is $9,262
The Median Annual Pension Benefit for a Federal Government Plan is $22,172
The Median Annual Pension Benefit for a Railroad Worker Plan is $24,592
As you can see, the average pension is much lower than the aforementioned yearly expenses. For this reason, it’s important to select an Orlando financial planner for seniors who knows how to work with savings and investments to ensure your loved one is able to remain comfortable as they continue through their golden years.