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Identifying Income Sources The Retirement Pie For many people, pension and Social Security benefits will account for around 40% of retirement income. The remaining income is your responsibility. Here is some additional information you must know when planning for retirement.   Quick Question Question 1: What is the average retirement age today? A. 64 B. 63 C. 62 D. 61 Question 2: What is life expectancy of someone who is 62 today? A. 85 B. 80 C. 95 D. 90 Over the years we began retiring earlier. On average, we now retire at age 62. We're living longer; life expectancy has increased to age 85. And retirement income resources have shifted so that now we can expect only 40% to 60% of our required retirement income to come from pensions and Social Security. We need to supplement the balance from personal savings and, sometimes, part-time employment. How does this impact you? You have less time, fewer years, to plan and save for retirement. You must provide for income to last longer. You must accumulate a larger share of the retirement income source. And remember, even after you've stopped working, inflation marches on! < PREVIOUS NEXT > #38599