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Study on Retirement Finances
A recent study has compiled a comprehensive list of the average worker’s potential to save for retirement. It was shown that the average worker could expect to receive almost $20,000 each year from Social Security in retirement. On top of this, if they were to save 10% of their earnings in an IRA or 401(k) plan they would get about $57,000 each year for their retirement. This study compared cases ranging from well below to well above average earners and always found that 10% personal savings trumped Social Security pay outs by a wide margin. This shows that you should not rely on Social Security as a primary source of income in retirement and just how important proper retirement planning is. For more information visit this article by Michael Chapman with CNS News.
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