20% of Workers Risk Falling Dangerously Short on Retirement Income for This Reason
The money you get from Social Security won't be enough to cover your retirement expenses entirely. Those benefits will only replace about 40% of your pre-retirement income if you earn an average wage, and most seniors need about twice that amount to cover their expenses without feeling squeezed financially.
That's why saving for your senior years is imperative, but that's only part of the picture. It's equally important that you invest your savings in a manner that's apt to generate decent growth. Otherwise, you may find that your nest egg does a poor job of helping you pay for retirement when you factor in the effects of inflation.
Image source: Getty Images.
Source Fool.com
