Many retirees face financial difficulties due to reliance on Social Security, which typically offers only about $2,000 a month, amounting to $24,000 a year. This meager income may not cover all expenses, leaving a significant financial gap. To successfully navigate retirement, it's advisable to have savings and an income-generating portfolio. Exchange-traded funds (ETFs) are a practical option. Retirees should consider ETFs with a decent yield, manageable risk, and low expense ratios, aiding in creating stable income streams during retirement.
Retiring on just Social Security is quite challenging as benefits often fall short of covering expenses, with the average retired worker receiving about $2,000 per month.
A focus on acquiring assets that generate ongoing income is crucial for retirees, considering that retirement expenses can end up being higher than initially expected.
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