Many Americans have no reason to look forward to retirement since the Social Security benefits would be less than enough to live on. Continuing to work seems to be the only option for most people, while only few prepare a nest egg via investments and savings. If you are unsure about your retirement take a look at the numbers below to see if you could live on $190 month.
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Yikes, only $20,000 saved! That’s scary. I’m guessing a lot of those people will need to continue working though their retirement years, although social security and any pensions should help.
The premise of this article is bad as nearly everyone who is retiring is entitled to social security IN ADDITION to the $190 per month the author indicates retirees would receive from savings, on average. Almost no one could live off of $190 a month but combined with social security, many can afford the basics with perhaps a bit leftover assuming a significant event, such as a medical emergency, does not occur. There is no doubt Americans would be in a better situation if we saved more for retirement, but asking if you could live off of the savings of the average american alone (as if social security did not exist) is pointless and seems to be more a gloom-and-doom tacit to get readers. Yes, retirement not great for the average american, but before it can be addressed, it needs to be viewed realistically.
190 a month wouldn’t even cover my home owners association bills lol =/
This is why you don’t go into retirement still paying a mortgage. Buy a home, pay off the home, then retire.
It is always better to save while your are working, so that you dont have to worry about your old age life. Save now to enjoy your second childhood in a pleasant way..