Only 36% of retired seniors rely on their benefits to produce less than half of all income.
If you attempt to live substantially on the average Social Security benefit, your income will be about $17,172.
There are few places where that amount will provide a stress free or comfortable retirement.
Half of adults aged 65 and over who live alone don’t have the money to cover their basic needs, according to recent research from the University of Massachusetts Boston. And nearly a quarter of households with two adults 65 and over are also lacking the financial resources to pay for necessities. Source: The Motley Fool
Assuming individuals begin working at age 22, they have over forty years to plan for retirement, with noted unavoidable exceptions, the vast majority of Americans have the ability to retire with income well in excess of Social Security.
What stops us from seeing the need to plan for the future? What makes us spend money we should be saving?