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Federal Reserve: Many U.S. RetireesHave Little to No Retirement Savings

The Federal Reserve reports that many retirees across the U.S. simply do not have the proper savings to support themselves, outside of their retirement accounts. It finds that 57% of retirees have no savings, except for their retirement funds.

A study by the National Institute on Retirement Savings (NIRS) from 2019 found only 15% of seniors receive a steady income from defined benefits and Social Security, while another 15% get it through Social Security and contribution plans.

It further found that 40% of seniors receive benefits only through Social Security.

All of this is quite troubling news, especially, now that many retirees are still suffering from financial turmoil, caused by Covid-19. For more information on your retirement, be sure to keep a lookout for news from American Retiree.

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