Americans aren't exactly known as strong savers, which explains why so many live paycheck to paycheck. But in a survey by the CFP Board released earlier this year, 48% of U.S. adults aren't saving any money for retirement. And that's disturbing, because while Social Security will provide some income for bill-paying purposes, those benefits aren't designed to sustain seniors by themselves.
Social Security will generally replace about 40% of the average earner's pre-retirement income. Most seniors, however, need around twice that amount to live comfortably, and when we think about the expenses retirees face, that makes sense.
Maurie Backman | The Motley Fool