The struggle is real. According to Investopedia, the typical American couple aged 65 or older needs to have saved about $1.16 million to retire comfortably.
Keep in mind that’s an average. The real cost of retirement depends upon where you live. It can range from about $800,000 in more affordable states such as North Dakota, Arkansas, and Mississippi to more than $1.3 million in pricier places such as New Jersey, Hawaii, and California.
How much money you need also depends upon whether you are single or a couple. To retire comfortably, a single retiree should have $1,212,500 in the bank, while a typical couple needs $1,158,600.
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
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.