43% of Social Security Beneficiaries Worry They'll Outlive Their Savings. Here's How to Avoid That Fate
Running out of money in retirement is a huge concern. In fact, 43% of Social Security recipients have this fear, reports SimplyWise. That's dangerous given that older Americans may not have much opportunity to boost their nest eggs.
If your retirement is a long way off, here are a few things you can do to ensure your savings last as long as possible.
Many people risk depleting their 401(k)s or IRA prematurely because they assume they'll get more money from Social Security than they actually do. Others fail to recognize that those benefits can only play a limited role in covering senior expenses. The typical Social Security beneficiary today collects $1,519 a month, for a total of just over $18,000 a year. That's not a ton of cash to live on.
Source Fool.com
