Nearly 50% of Near-Retirees Are Sorely Lacking Savings
Though Social Security can help pay the bills in retirement, it's not designed to sustain seniors in the absence of other income. In fact, those benefits will generally replace about 40% of the typical worker's pre-retirement income, while most seniors require roughly twice that amount to cover their basic expenses and have enough left over to enjoy life a bit.
That's why it's important to save for retirement independently. But a recent Transamerica survey reveals that nearly half of older workers nearing retirement are lacking in this regard.
Only 52% of baby boomers have $100,000 or more socked away for their golden years, which means that a large number of near-retirees are extremely behind in building their nest eggs. If you're one of them, here are a few important moves to make right away.
Source Fool.com
