If you ask Americans how much they’ll need for a comfortable retirement, they’ll throw out a big number: $1.25 million, to be exact. But in reality, most workers are far from reaching that goal — and there’s a significant chunk of older people who are nearing their golden years without a penny in retirement savings.
About 27% of people who are 59 or older have no retirement savings, according to a new survey from financial services firm Credit Karma. To be sure, that’s the same share as the overall population, yet boomers have less time to save for retirement given that the generation is now between the ages of 59 to 77 years old.
The findings come at a time when lawmakers are discussing the health of the Social Security program, whose trust fund is slated to be depleted in 2033. That would result in a dramatic cut in benefits, with the 67 million retirees who depend on the program receiving only 77 cents for every $1 in benefits — a reduction that would hit the poorest Americans hardest, including those who have nothing saved for retirement.
Read more at CBSnews.com
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