Retirees Have Shockingly Little Retirement Savings, Data Shows
Social Security pays the average senior today about $1,500 a month, or $18,000 a year. That's a nice chunk of money to supplement outside income sources, but it's certainly not enough to live comfortably on.
Yet many seniors risk having to do just that, and the reason boils down to not having enough retirement savings. Today's retirees have a median $45,000 in savings, reports Transamerica, and that excludes home equity. And while the latter can serve as a retirement income source of sorts, it can't take the place of a robust IRA or 401(k).
If you're approaching retirement and are looking at savings in the ballpark of $45,000, consider this a wakeup call that you're not ready to stop working just yet. If you do, you might really set yourself up for long-term financial struggles.
Source Fool.com
