If you are so inclined, here are some interesting statistics about the income of age 65 and older Americans.
Looking at this information raises many questions and also makes a few things quite clear. For example, pensions and retirement plans are very important, but relatively scarce. Being able to work passed age 65 may be important, one or more sources of income in addition to Social Security is essential. It is also quite clear that Americans who have lived their lives at the lower income levels, will be no better off and likely worse in retirement. While this would seem obvious, it is still used as a tool to lobby for larger Social Security and other benefits.
Another obvious fact is that Social Security cannot and was never intended to provide the majority of retirement income and yet for many Americans that is what it does. There is a lesson here for all but those living in abject poverty. Reassess your lifestyle and spending priorities large and small and establish and follow a financial plan to build toward your retirement security.
QUINNSCOMMENTARY 