Americans Turning 65 Average $1,607 in Social Security, Rising to About $2,450 With 401(k) Savings
Updated
Updated · capitolskyline.com · Oct 10
Americans Turning 65 Average $1,607 in Social Security, Rising to About $2,450 With 401(k) Savings
3 articles · Updated · capitolskyline.com · Oct 10
Summary
$1,607 is the average monthly Social Security benefit at age 65, well below the roughly $2,016 average at full retirement age of 67 for people born in 1960 or later.
A $252,800 average 401(k) balance for ages 65 to 69 would add about $843 a month under a 4% withdrawal rule, lifting estimated pre-tax income to roughly $2,450.
That income can still fall short once housing, Medicare-related costs, prescriptions, taxes and unexpected bills are counted, especially for renters or retirees in high-cost areas.
The report says claiming age, withdrawal pace and tax treatment matter as much as averages, urging near-retirees to use personal benefit estimates and build budgets around their own expenses.