The article discusses the inadequacy of the average Social Security benefit, which is just under $2,000 monthly, for retirees living in major urban areas. It highlights the financial struggles many retirees face, as costs of living, particularly rent, far exceed these benefits. Research shows that a significant percentage of older Americans have no retirement savings, placing them in precarious financial situations reliant solely on Social Security. The article illustrates this discrepancy with specific rent figures from cities like New York, San Francisco, and Los Angeles, underscoring the need for diversified retirement planning.
The average monthly Social Security benefit is about $2,002, which falls well below the average rent in major cities, making it inadequate for many retirees.
Many retirees depend solely on Social Security due to insufficient personal savings, with 20% of Americans over 50 lacking any retirement savings at all.
Collection
[
|
...
]