Only 31% of U.S. Adults Are Confident Their Retirement Savings Will Last

Social Security might end up serving as a key source of income once you retire. But you shouldn't expect to live on those benefits alone.

If you're an average earner, Social Security will only replace about 40% of your wages in retirement, and most seniors need more like 70% to 80% of their former income to live comfortably. That's where personal savings come in.

But in a recent New York Life survey, only 31% of respondents said they're very confident that their savings will last throughout retirement. Worse yet, only 21% of baby boomers expressed a lot of confidence in their savings lasting.

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Source Fool.com