The Average Retirement Savings Balance Is Dangerously Low, Data Shows
There's a reason people are advised to save independently for retirement rather than rely on Social Security alone. Those who attempt to mostly retire on Social Security are likely to struggle financially when living costs rise.
That's the exact predicament seniors are facing today. Inflation is causing everything from food to gas to groceries to soar, and Social Security's most recent 5.9% raise is falling short of giving beneficiaries the income boost they need to keep up.
In fact, the average monthly Social Security benefit today is only $1,665. That's not a lot of money when you factor in housing, transportation, and healthcare costs, among other essentials.
Source Fool.com
