62% of Americans Need to Catch Up on Retirement Savings: Here’s How Each Age Group Can Do Just That
If you're lucky, you'll have several distinct sources of retirement income that will come together to buy you a comfortable lifestyle. One such source will likely be Social Security, assuming you worked long enough to pay into it. Another source could be earnings from a part-time job you hold down during your golden years. And, hopefully, an additional source will be your personal retirement savings.
In fact, ideally, your personal savings should be substantial, since Social Security is only designed to replace about 40% of the average earner's pre-retirement income. Most seniors, however, need about twice that amount to keep up with their essential expenses and have enough money left over for modest luxuries like occasional travel, leisure, cable, and dining out.
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Source Fool.com
