A recent survey found baby boomers feel the least economically empowered, with 53% of those nearing retirement holding under $250,000 in total assets.
Many workers believe they need $1 million or more to retire comfortably, but Social Security alone falls short in covering living costs in major U.S. cities.
The cost of living after accounting for Social Security benefits is estimated at over $50,000 per year in ten U.S. cities, highlighting the financial strain on retirees.
Despite average Social Security benefits being higher in specific cities, they still do not suffice to cover the cost of living for retirees.
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