Retirement income is often referred to as a three-legged stool, including Social Security, pensions and savings. But it turns out that one income source, Social Security, is the dominant, and often only, source of money for older Americans.
The so-called three-legged stool of retirement income — Social Security, pensions and savings — is becoming less accessible for many Americans.
Senior couple going through their financial bills while paying them online on a terrace. Focus is on woman.Retirement income is often thought to come from three sources: Social Security, pensions and savings. Meanwhile, those with no support from those three sources had the lowest total household income, with a median $8,904. Those in the no-income category likely either have not yet started collecting retirement payments or may be economically challenged and receiving government assistance, according to the study.Retirement income also varies by gender and race, according to the research.
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