Do You Like the Pope's Retirement Package?

It's good to be the pope - even a retired one, it turns out.

As Pope Benedict XVI steps down on Thursday, his retirement package - the first one the Vatican has had to prepare in almost 600 years - would likely be considered a sweet deal by the average American senior, providing a steady income and generous perks.

Let's start with the basics: The pope emeritus will receive a monthly pension of 2,500 euros, according to Italian newspaper La Stampa.

That translates to almost $3,300, or close to the monthly maximum of $3,350 that Social Security will pay to an American who retires this year.
Few people will actually qualify for that amount. For starters, you would have to wait until 70 to retire. You would also have to spend most of your working life earning Social Security's taxable maximum pay, which is set at $113,700 this year.

"That's quite rare," said Richard Johnson, director of the program on retirement policy at the Urban Institute.

He pointed out that the average Social Security check is about $1,200 a month - not enough to pay for the typical American retiree's expenses.

"For most people, if you look at the median, Social Security counts for about 40 percent of their income. So it's important, but people rely a lot on other savings, like pensions or 401(k) savings," Johnson said.


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