The typical American aged 55-64 has just $120,000 saved for retirement while the average monthly Social Security payment is only $1,694, insufficient for basic living expenses.
Data indicates that over 26% of Americans between 65 to 74 were still working in 2020, projected to rise to 32% by 2030 due to inadequate retirement savings.
To avoid working past age 65, average retirees will need approximately $1.3 million throughout retirement, with state-by-state variation from $1.1 million to over $1.5 million.
Retirees' expenses will require sources beyond Social Security; with estimated costs adjusted for each state, planning is essential to meet expected living expenses.
Collection
[
|
...
]