Exactly how are most retired Americans doing? Not bad it seems – at least not as bad as some rhetoric would have us believe.
Social Security was the most common source of income in retirement in 2020, but 81 percent of retirees had one or more sources of private income.
This included 59 percent of retirees with income from a pension; 46 percent with interest, dividends, or rental income; and 32 percent with labor income.
Seventy-nine percent of retirees received income from Social Security in the prior 12 months, including 93 percent of retirees age 65 or older.
Note: Among retirees. Respondents could select multiple answers. Sources of income include the income of a spouse or partner.
Looking back over the year, most retirees reported their financial situation at the time of the survey was similar to 12 months earlier, and they were more likely to report being in a similar financial situation than were non-retirees (Source: The Fed – Report on the Economic Well-Being of U.S. Households in 2020 – May 2021 – Retirement