In the US, a retiree’s average social security check in August was $1,840.27. For some retirees, these incomes are supplemented by pensions (56 percent) and private retirement accounts like Roth IRAs or a 401(k) (42 percent). Even with public and private options, poverty impacts around one in every ten seniors, highlighting the challenges many older generations face when they exit the workforce.
Even with public and private options, poverty impacts around one in every five seniors, underscoring the challenges many older generations face when they exit the workforce. The average for all OECD countries is 13.1 percent.
To compare the retirement security of workers in the US, we looked at four different variables: the poverty rate for seniors, the average age of retirement, the average number of years spent in retirement, the average, and the retirement savings programs (public and private) available to the average worker.
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