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According to most
experts, you will need approximately 70-75 percent of your preretirement
annual income to maintain your standard of living after retirement. Unfortunately,
many Americans are not properly prepared for their retirement.
- 50 percent
retire with only Social Security, which amounts to an annual income
of less than $10,000.
- In 2001,
more than 50 percent retired with less than $10,000 total savings.
- Only 3 percent
are financially independent.
- In December
2001, the Average Social Security check was $874/month.
Most
Americans likely spend more time planning their vacations than they
do planning for retirement.
Sources:
Bureau of Labor Statistics, 1997
Social Security Estimates
Arnerich Massena & Associates, Inc.
© 1998
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