A study by The Senior Citizens League (TSCL) finds that older Americans who retired before 2000 would have to earn an extra $516.7 more per month or $6,200 more this year than what they are currently getting to maintain the same level of buying power as in 2000.
Many retirees have accrued debts which cannot be paid by their current incomes.
Consequently, some 12 percent of retirees are literally planning to come out of retirement to pay the bills.
More than a third of retirees admit they did not prepare adequately for retirement.
