Workers tend to get the bulk of their income from a single job. In retirement, you're much more likely to have a variety of sources of income, including Social Security, a 401(k) or IRA, and other savings or investments. Here are 10 of the most common ways to pay for retirement:
Social Security. The majority of retirees say they rely on Social Security as a major (57 percent) or minor (27 percent) source of retirement income, according to a recent Gallup poll of 1,016 adults. The importance of Social Security is also growing among people who are still working. The proportion of workers expecting to rely on Social Security as a major source of retirement income has grown from 27 percent in 2007 to 33 percent in 2012.
Retirement accounts. The majority of workers no longer think they can count on a 401(k), IRA, Keogh, or other retirement savings account to fund their retirement years. While more than half (52 percent) of workers said their retirement account would be a major source of retirement income before the recession in 2007, just 46 percent of employees feel that way now. And only about a quarter (24 percent) of retirees count their 401(k) or IRA withdrawals as one of their major income sources.
A pension. Almost half (49 percent) of the retirees surveyed are fortunate enough to receive traditional pension payments. But only 28 percent of workers expect a traditional pension to be a major source of retirement income, down from 31 percent in 2007. "There's a generational change in that older people who are already retired tend to be more likely to have pensions," says Dennis Jacobe, Gallup's chief economist. "Younger people aren't as likely to have pensions. They tend to expect to depend more on things like their
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