Social Security Report

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Saving for retirement increasingly a struggle for older Americans

Mark Strassman writes about some sobering facts here. Social Security replaces a mere 40% of pre-retirement income, yet 40% of retirees say Social Security is their only source of income.  The average benefit pays just $20,000 a year. The typical retirement account balance of Americans today is only $144,000, according to the Federal Reserve, yet $967,000 on average is needed for a secure retirement.  Of course, some states are more expensive than others. Read the full piece here.

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