Lackluster savings tarnishing seniors’ golden years
Retiree dreams of lengthy vacations, days on the golf course and indulging the grandkids may be dust. Most retirees haven’t saved enough even to maintain their pre-retirement lifestyle, according to a new study from Interest.com based on Census Bureau data. The rule of thumb among financial planners is saving to have a retirement income of at least 70 percent of your working-days salary. Only residents of Washington, D.C., and Nevada are exceeding that mark, with the typical retiree’s wage replacement ratio at 73.81 percent and 70.78 percent, respectively. Nationwide, residents age 65 and older are living on a median income of $37,847, for a wage replacement ratio of 59.63 percent….Read More
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