Millions of retired seniors today collect monthly benefits from Social Security. But living on those benefits alone is far from ideal.

Social Security will replace about 40% of the average earner's pre-retirement wages. But most seniors need more like 70% to 80% of their former income to maintain a decent standard of living. And that means retirees need to bring savings of their own into the mix to avoid financial struggles.

But recent data from New York Life shows that near-retirees may be in trouble on the retirement savings front. And unfortunately, they don't have all that much time to catch up.

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Source Fool.com