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Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
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Employee Benefit Research Institute (EBRI)

Fast Facts #171

30 June 2010

 

How Age Affects Likelihood of Receiving Pension, Annuity Income [30 June 2010]

http://www.ebri.org/pdf/FFE171.30June10.PensInc.Final.pdf

[full-text, 1 page]

 

WASHINGTON—How does age affect the likelihood of receiving an annuity and/or pension income?

A recent study by the nonpartisan Employee Benefit Research Institute (EBRI) answers that and other questions.

Here are the details: The likelihood of receiving an annuity and/or pension income increases with age, until the

oldest age group (those age 80 and over), where the data show a lower percentage receiving annuity and/or

pension income. However, since 1975, the percentage of individuals age 80 and over receiving annuity and/or

pension income has been increasing, from 17.7 percent in 1975 to 37.3 percent in 2008.

 

[TABLE-- Percentage of Population Over Age 50 Receiving Pension and

Annuity Income, by Age, Selected Years, 1975–2008]

 

In addition, the EBRI study says it is worth noting that, although only 16.6 percent of persons ages 50–60 in 2008

were receiving annuity and/or pension income, those recipients had mean and median incomes that were greater

than those received by persons over age 60 (these data are shown in additional figures in the study).

These data suggest that many persons who retired early may have done so because they were eligible for early

retirement benefits and/or were able to purchase a sizable annuity, and therefore no longer needed to work for

financial reasons. However, it is also likely that some persons ages 50–60 receiving retirement annuity and/or

employment-based pension income were forced out of the labor force involuntarily—by disability or layoffs—and

consequently had to settle for below-average pensions.

 

The full study appears in the May 2010 EBRI Notes, available at www.ebri.org

 

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This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

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Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 255-2703                
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
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