Could You Live Off the Average Senior Household's Social Security Benefit?
The idea of guaranteed Social Security checks in retirement is a comforting thought, especially for those who are struggling to save as much as they'd like right now. But a lot of people are also worried that Social Security won't be enough to cover all of their expenses.
Below, we'll examine that concern and talk about how to ensure you have the money you need for retirement.
The average senior household headed by an adult 65 or older spends about $47,579 per year, according to the latest Consumer Expenditure Survey from the Bureau of Labor Statistics. It's worth noting this was based on 2020 data, so it's possible that pandemic lockdowns affected some people's spending habits, for better or worse. But nevertheless, it gives us a baseline to begin thinking about how much people might spend in retirement.
Source Fool.com
