You'll Be Shocked by How Many Americans Have No Retirement Savings at All
Social Security does a good job of helping millions of seniors stay afloat financially. But let's be clear: You can't live on those benefits alone.
These days, the typical senior on Social Security receives just over $18,000 in annual income. That may be enough to provide for a nice lifestyle when there's other money on hand, such as distributions from a retirement savings plan. But without income outside Social Security, you're apt to struggle financially once your time in the workforce comes to an end.
Unfortunately, a large number of Americans are vulnerable to that very risk. That's because a surprising 35% have no money set aside for retirement at all, according to a FinanceBuzz survey released in January 2020.
Source Fool.com
