The Smart Way 49% of Baby Boomers Plan to Boost Their Retirement Income
Though Social Security is a crucial source of retirement income for millions of seniors today, it's not enough to live on by itself. The average beneficiary right now collects roughly $18,000 a year, which is hardly enough to cover the typical senior's living expenses, especially when we factor in healthcare costs.
That's why it's crucial to have income outside of Social Security, and a good way to do so is to sock funds away in an IRA or 401(k) throughout your working years. But when pressing expenses eat up your income, building a nest egg becomes challenging. And if you don't have access to a pension, you may need to explore other avenues for generating additional retirement income.
Thankfully, 49% of boomers today have a good sense of how to do so: work-part time.
Source Fool.com
