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.