Barely Getting by in Retirement
The average income for single retirees is currently $1,583 per month or $19,000 per year. Married retirees pull in a bit more at $48,000 per year. For many, Social Security makes up the bulk of if not the entirety of their income in retirement. The problem is that Social Security usually only replaces up to 40% of pre-retirement earnings. This situation is projected to become more common as 33% of Americans have no money put away for retirement. For more information visit this article by Robert McGarvey with The Street.