The Average Worker's Retirement Cost: Can Social Security Cover It All?
Sunday, 17 March 2024, 16:00
What does a typical retirement look like?
Retirement looks different for everyone. The average retirement age in the U.S. is about 66, with an estimated 20-year retirement cost of $1.2 million.
How much of your expenses will Social Security cover?
The average Social Security check is about $1,911 per month, leaving a significant gap in covering the $1.8 million needed for retirement expenses.
What should seniors do?
Seniors should not rely solely on Social Security benefits and consider additional savings, phased retirement, or supplemental income options to cover their retirement expenses.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.