Short on Retirement Savings? Make This Key Social Security Move
While there's no single retirement-savings figure that guarantees you'll be able to cover all of your senior living expenses with ease, generally speaking, closing out your career with 10 times your ending salary is a good benchmark to aim for. But what if you're nearing the end of your time in the workforce and you're nowhere close? Imagine you only have about three or four times your salary tucked away in your IRA or 401(k) plan and only a few more working years to make contributions.
It's a situation many seniors land in. The reality is that saving for retirement is hard, especially when other expenses, like mortgage payments, college tuition, and car repairs eat up so much of your income. But if that's the scenario you're in, here's some good news -- Social Security may be able to bail you out.
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Source Fool.com
