The Average 55-Plus Worker Doesn't Have Enough Retirement Savings to Live On -- Do You?
By the time you reach age 55, you likely have 15 years or less to go before you retire. That's why it's so troubling that the Federal Reserve's 2016 Survey of Consumer Finances found that workers between the ages of 55 and 64 had an average retirement savings balance of just $135,000, which is not nearly enough to provide the income retirees need to live in comfort and financial security.
If you're 55 or older and your retirement savings are around that amount, or even lower, then you need to take action -- fast.
While $135,000 may sound like a lot of money, your retirement savings will need to be your primary source of income for decades. To avoid exhausting your savings, you must limit yourself to withdrawing a small percentage of your balance each year.
Source: Fool.com
