"Robbins wants you to face this harsh reality about Social Security When advising readers to get their heads out of the sand, Robbins was specifically concerned about the fact that many people don't really know their numbers when it comes to saving and planning for retirement. And that's a huge problem because people may be expecting more from Social Security than they will actually end up with."
"Social Security was never intended to become a replacement for retirement savings, especially considering the extended length of retirement we can anticipate with longer lifespans. Fifty years ago, the average retirement was 12 years. Today it's 20-plus years. Furthermore, 49% of American households are "at risk" for not having enough money in retirement to maintain their living standards, according to theCenter for Retirement Research."
Many people do not know their retirement savings numbers and may expect more from Social Security than they will receive. Social Security was never intended to replace retirement savings, especially given longer lifespans and extended retirement periods. Average retirement duration has increased from about 12 years fifty years ago to over 20 years today. Nearly half of American households are at risk of insufficient retirement income to maintain living standards, according to the Center for Retirement Research. Since Social Security alone cannot sustain most retirees, individuals should calculate the income needed to maintain their lifestyle and save accordingly.
Read at 24/7 Wall St.
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