Can You Survive on $200,000 in Retirement Savings? You'd Be Surprised at How Many Seniors Are Doing It.
It may not be easy, but it can be done.
Overview
There's a reason many people aim to save $1 million or more for retirement. Social Security will only replace about 40% of your preretirement wages if you earn an average salary. And the average monthly benefit today is only about $2,083. Without savings, you could get stuck living on roughly $25,000 a year if you collect the typical Social Security check.
But while it's important to save well for retirement, data shows that many older Americans inevitably reach their senior years with modest nest eggs. In fact, as of 2022, the last time the Federal Reserve collected data, the median retirement savings balance among Americans ages 65 to 74 was only $200,000.
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Details
Source
Originally published at www.fool.com.