Here's Baby Boomers' Median Retirement Savings Balance. Is It Enough?
Many seniors today rely heavily on Social Security to pay their bills. But living on those benefits alone is tough.
Social Security will only replace about 40% of the typical worker's pre-retirement income. Since seniors typically need a lot more money than that to live comfortably, saving independently is often a huge necessity.
But some of today's older workers may be falling short in that regard. The median retirement savings balance among baby boomers is $202,000, according to the 21st Annual Transamerica Retirement Survey. But when we break that number down, it amounts to only a small amount of income on an annual basis.
Source Fool.com
