How ETFs Could Set the Stage for a $1 Million Retirement
It's important to save independently for retirement rather than fall back on Social Security alone. That's because those benefits will only replace about 40% of your income if you're an average earner, and most people need roughly twice that much money to live comfortably during their senior years.
But the money you put into your retirement savings shouldn't just sit there doing nothing. Instead, you should be investing that money so it grows into a larger sum over time.
In fact, it's really important to make sure your invested savings grow at a rate that can outpace inflation. The reason? Though Social Security's upcoming raise is pretty substantial, for the most part, those benefits do a poor job of helping seniors retain their buying power in the face of rising living costs. And so you'll need solid growth in your savings plan to compensate, which investing could be your ticket to.
Source Fool.com
