Think you’re ready to leave the workforce for good? Not until you read up on these facts.
Mar 28, 2017 at 6:00AM
Worried about retirement? You’re not alone. A large number of workers nearing the end of their careers are learning the hard way that retirement is expensive and that most older Americans simply aren’t prepared. If you’re thinking of retiring in the not-so-distant future, here are a few facts you should be aware of.
1. The average baby boomer has $163,577 saved for retirement.
According to a report by the Economic Policy Institute (EPI), the average household aged 56-61 has amassed a $163,577 nest egg. But while that number might seem encouraging, it’s actually pretty scary. Over the course of a 20-year retirement, $163,577 amounts to just $8,178 a year, or $681 a month, of income.