Social Security is only part of your retirement income
According to data from Transamerica, the median retirement savings balance among Americans in their 60s is a mere $172,000. At first glance, this amount seems like a decent chunk of cash, but when we apply a 4 percent annual withdrawal rate from that sum in retirement, that translates into just $6,880 a year in income. However, since the average American aged 65 and over spends about $46,000 a year, there is clearly a huge gap. Therefore, counting on Social Security to make up for your absent savings is not a smart move. The attached article outlines ways to boost your nest egg as much as possible while you still can to make a difference in your retirement income. read article here…
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