Why You May Wind Up Relying More on Social Security in Retirement Than You Expect To
The median amount that U.S. workers have saved for retirement is just $50,000, according to a recent report from the Transamerica Center for Retirement Studies. Even among baby boomers -- the generation that is currently in the midst of retiring -- the median worker only has about $144,000 socked away. For many, that amount of money likely will be depleted after just a few years in retirement.
Fortunately, Social Security benefits will provide retirees with a steady income stream to supplement whatever they have saved. Unfortunately, many people underestimate just how much they'll wind up depending on those monthly checks in retirement.
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Source Fool.com
