39% of Baby Boomers Are Dangerously Short on Retirement Savings
The importance of saving independently for retirement is pretty clear: Without a nest egg, you're more likely to rely heavily on Social Security during your senior years. While those benefits will provide some income, they'll only replace about 40% of your pre-retirement salary if you were an average earner. Most seniors, however, need a good 70% to 80% of their former income to maintain a decent lifestyle. And that's where personal savings come in.
Unfortunately, new data from Wells Fargo reveals that a large percentage of older workers are falling short in this regard. A frightening 39% of baby boomers have less than $250,000 socked away for retirement. And among them, 16% have less than $25,000 saved.
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Source Fool.com
