Source: Employee Benefits Research Institute
Many people believe their current level of saving will be sufficient because they will also have Social Security and thus can meet their basic needs.
Is that how you want to live in retirement, meeting only basic needs? And even if your income can do that, what about non-basic needs? What about financial emergencies beyond basic needs? Why about fun? Surviving in retirement is considerably different than living in retirement.
Keep in mind that before you receive a penny, a couple will have $243.60 deducted for Medicare Part B premiums (and more for Part D). That is out of a typical benefit in 2016 at age 67 of $2145 for a married couple.
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