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May 18

Social Security impoverishes: One-third of Americans have less than $5,000 saved for retirement.

A new study by Northwestern Mutual finds that one-third of Americans have less than $5,000 set aside for retirement.

21% of Americans have no retirement savings at all.

SOCIAL SECURITY TO BLAME

Many workers don’t save for the future because they assume they can live on Social Security. But that’s a dangerous, misguided assumption. In a best-case scenario, Social Security will replace about 40% of the average earner’s pre-retirement income. Most seniors, however, need double that amount to live comfortably.

See here.