Only 66% of Baby Boomers Think They'll Have Enough Money in Retirement
It's easy to think of retirement as a fairly inexpensive period of life, but actually, in some cases, your costs as a senior could very much mimic your expenses during your working years. This especially holds true if you don't enter retirement with a paid-off home, or experience major health issues as a senior that cause your medical spending to skyrocket.
It's for this reason that all workers are encouraged to save aggressively for their golden years -- to ensure that they have enough money to pay the bills once their time in the workforce concludes. Of course, Social Security does provide some income to seniors, but it's hardly enough to live on. At best, those benefits will replace about 40% of the typical earner's former wages, while most seniors need around twice that much money to maintain a decent standard of living.
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Source Fool.com
