I don't know how I missed this when it came out, but please correct me if someone else has already posted the subject.
Scott Burns has a pretty scary article (originally published last Nov, back again on MSN Money) on what happens when retirement savings don't. According to Congressional research data, 75% of those over 65 live on less than $26,777 annually. Admittedly for most that reflects no mortgage or other debts, low taxes, Medicare, and perhaps a fairly sedentary lifestyle-- but over half of those over 65 are doing it on less than $15,200. For 40% of those over 65, Social Security is at least 90% of their income.
Stave Off Old-Age Poverty
Income & Poverty Among Older Americans in 2004
Keep saving.
Scott Burns has a pretty scary article (originally published last Nov, back again on MSN Money) on what happens when retirement savings don't. According to Congressional research data, 75% of those over 65 live on less than $26,777 annually. Admittedly for most that reflects no mortgage or other debts, low taxes, Medicare, and perhaps a fairly sedentary lifestyle-- but over half of those over 65 are doing it on less than $15,200. For 40% of those over 65, Social Security is at least 90% of their income.
Stave Off Old-Age Poverty
Income & Poverty Among Older Americans in 2004
Keep saving.