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lancelotarnold

Average Pension Benefits

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Average Pension Benefits

Pension benefits vary widely, often based on the type of employer, industry and location. According to data from the Pension Rights Center, one third of U.S. seniors in 2015 received retirement income from a pension.

Median Annual Benefit in 2015
Federal government pensions
$22,669
Railroad pensions
$21,017
Military pensions
$19,306
Local or state government pensions
$16,742
Private pensions and annuities
$9,376

Pensions vs. Annuities

Along with Social Security benefits, retirees rely on pensions and annuities — both tax-deferred benefits — to afford living expenses once they stop working.

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Employers often set up pensions to be paid in a series of installments.

Similar to a life or longevity annuity, pension payouts begin close to or at retirement and usually last until the recipient’s death. In some cases, the worker may name their spouse as a beneficiary of the pension in the case of their death.

Investment annuities are another type of financial product that pays in installments. Examples include single premium annuities or variable annuities. Unlike pensions, people purchase annuities independently, and they’re not linked to an employer. People who have input all the money allowable into 401(k)s and IRAs and still have money they want to save for retirement typically purchase investment annuities. They contact a broker and buy investment annuities. Those annuities then grow, tax-free, until retirement.

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