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.