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Is $22k a year enough to live on in retirement?
Christy Bieber notes that Social Security benefits and money from savings are the two primary sources of income for retirees. In 2020, the average Social Security benefit totals about $18k per year with savings adding just over $4k annually. That is the $22k in annual income the average single retiree is poised to have to live on. Married couples do better since incomes are combined. Bieber lists some of the ways people can augment their savings so their incomes will be higher in retirement. Full article here.
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