The fear of running out of money during retirement is warranted. An article by U.S.A. Today revealed the results of a recent report by CareScout. It found the average American at age 65 faces a retirement shortfall of $109,000. That’s calculated as the difference between how much retirement income they can expect, from Social Security and other savings, and how much they will spend in everyday expenses.
While the report showed that the majority of American retirees will outlive their savings, retirees in nine states can expect a surplus. Those states are Washington, New Hampshire, Colorado, Nebraska, Idaho, Minnesota, Utah, Maryland, and Montana. However, retirees from these states should probably watch their spending, as the retirement surplus ranges were only from $19,000 to $276,000.
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement.
All of us here at the Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.