So You Think Social Security Can Save Your Retirement?
By: Rex Moore
Dear hopeful investor,
Does this describe where you’re headed with your retirement situation? If so, you may regret not finishing the next couple of paragraphs:
"65% of Americans age 55 to 64 have a nest egg of less than $50,000."
Let that sink in.
I am not talking about people who are 25 years old and have a lot of time to retirement. Instead… these are people on the cusp of retiring, and they basically don't have enough money to last more than 1-2 years… or to cover the $250,000 of unreimbursed medical bills senior couples average in retirement.
And Social Security will not be enough to fill in those gaps.
Well, let me clarify: Social Security can be enough if, for most people, they drastically cut back enough to survive on it. And the average benefit for a retired worker is only $16,320 per year, according to the Social Security Administration.
Yes, it’s shocking. That’s why we can't overemphasize the importance of investing in your future.
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