ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Sunday, January 28, 1996 TAG: 9602010071
SECTION: NRV ECONOMY PAGE: 21 EDITION: NEW RIVER VALLEY
*The average Social Security payment is $671 per month.
*An individual retiring at age 65 can receive a maximum benefit of $13,764 a year.
*In 1994, the maximum payment for a couple filing jointly at age 65 was $20,640 per year.
*Taking retirement at age 62 reduces benefits by 20 percent.
*In 1989, one out of seven older Virginians had income below the poverty level.
*The older Virginian most likely to be poor is female, nonwhite, living in a rural area or living alone.
*About one-third of the elderly have earnings from employment after retirement. Earnings are typically hourly wages from part-time jobs without benefits.
*In 1990, 68 percent of men and 45 percent of women between the ages of 55 and 64 were in the labor force. Among those age 65 and older, 16 percent of the men and 9 percent of the women were still in the labor force.
*A 1993 study by Merrill Lynch of 3,798 households of the baby boom generation estimates that they are saving about 34 percent of the amount they will need to maintain their current standard of living when they retire at age 65. A couple making $75,000 annually at age 35 will need about $438,000 in savings to maintain their standard of living if they have no pension.
*Financial planners advise counting on Social Security for about 20 percent of preretirement salary.
- Source: ``Aging in the 21st Century''/report of the state Secretary o Health and Human Resources
LENGTH: Short : 47 linesby CNB