Why is it so important to Save for Retirement?(Part 2)

Why is it so important to Save for Retirement?(Part 2)

 According to the Social Security Administration, nearly 90% of people 65 and older receive monthly Social Security benefits with the average monthly benefit equal to $1,335. 

Considering that most studies show that you will need 70-90% of your current income in retirement, will $1,335 (or $2,670 for couples) cover your anticipated retirement expenses?  Unfortunately, many current retirees do rely on Social Security for the majority of their income, as shown below, and are significantly limited by an inflexible budget as a result.

 

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