1 in 10 Workers Has No Retirement Savings. Do These Things If You're in the Same Boat

Retirement costs the average senior $46,000 a year, while Social Security pays the typical beneficiary about $18,000 annually. Do the math, and it's clear that those numbers don't line up. Even if you're willing to live more frugally than the typical senior, you'll still need more than your Social Security benefits to maintain a decent standard of living, and that's where personal savings come in. The money you accrue in your 401(k) or IRA could spell the difference between struggling financially in retirement and paying your bills with relative ease.

There's just one problem: An estimated 10% of Americans don't have any money set aside for retirement, according to a recent Transamerica survey. And those who don't take steps to start saving may be in for a world of financial hurt later in life.

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Source Fool.com