Where do people get income to finance their retirement?
The biggest source of retirement income for Americans has been Social Security. Many older Americans (age 65 or older) rely entirely on their monthly Social Security checks.
Also important is pension or retirement plan income. And, a growing number of Americans are earning money on the job after they've officially retired, sometimes because they feel they must.
Ever since Social Security was created as part of the New Deal, it has been seen as one side of a retirement triangle that also consists of an employment-based retirement plan and personal savings.
See also June 2003 EBRI Notes Article - Income of the Elderly Population: 2001