In 2022, pension benefits provided income to nearly one third of older adults. Below are some statistics on the median benefits received by older adults.
Median Pension Benefit
In 2022, one out of three older adults received income from private company or union pension plans, federal, state, or local government pension plans, or Railroad Retirement, military or veterans pensions. The median private pension benefit of individuals age 65 and older was $11,040 a year. The median state or local government pension benefit was $24,980 a year.
For More Statistics on the Income of Older Adults:
- Income of Older Adults from All Sources
- Income of Different Groups
- Sources of Income for Older Adults
- Income from Social Security
- Income from Other Sources
Table 10. Median Pension Benefit for Persons Age 65 and Older, by Type
- March 2023 Current Population Survey, PINC-08
Note: The higher amount for public pension benefits than private pension benefits may be attributable to the fact that government employees in some states and in many county and municipal plans are not covered by Social Security so have larger pensions to compensate for this. Also, Federal employees who worked before 1984 and opted to stay under the Civil Service Retirement System are not covered by Social Security.