According to the Retirement Readiness Survey by Fidelity, today people are saving and investing better for their age, which has resulted in improving retirement readiness across households in the country. This article examines the how people save for retirement, what the average retirement incomes today are and ways to boost retirement incomes.
How people save
Most adults get their average retirement income from the following sources:
Earnings: 23% of adult Americans have work income, with the median retirement income earned being $25,000 annually, according to the AARP. P.S.: This is the highest amount of any income source.
Assets: 63% retirees rely on assets, with the median asset income (householder/spouse is 65 years of age and above and receive asset income) for American households is $1,542. This number was 59% in 2008.
Pensions: Only a shocking 32% retirees today have pensions, a number which is expected to decrease further.
Social Security: 85% of people aged 65 years and above get Social Security, the average for which in the year 2017 is $1,360 according to a Social Security Administration factsheet.
Veteran’s Benefits/ Public Assistance: Around 7% retirees derive income from government sources.
Average and median retirement incomes 2017
This data below shows average retirement incomes for 2017 for households of different ages.
Age of Household Median Income Mean Income
Households (age 75 years and above) $30,635 $45,989
Households (age 65-74 years) $47,432 $68,905
Households (age 55-64 years) $62,802 $89,986
Boosting your average retirement income
These are the best ways to boost your average retirement income in the coming years:
Postpone retirement and start of social security: Postponing retirement date is a good move. You could also postpone collecting your Social Security benefits until you reach full retirement age or longer to get a big boost to your average retirement income.
Postpone savings withdrawals and maximize investments: Work longer and delay withdrawing your savings, and optimize and maximize your investment by planning.
Make budgets and stick to them: Boosting average retirement incomes doesn’t need high incomes necessarily; one simply needs to make budgets and stick to them. Downsizing and living thriftily are enough to boost retirement savings.
Research about retirement savings, needs and incomings: Research about and calculate how much you’ll exactly need for and during retirement. One can get accurate forecasts and plan your retirement investment accordingly.
The best thing will be get a retirement job. Remember the movie ‘The Intern’? That could be you!
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.