(NEW YORK) — Are you saving nearly enough money for a comfortable retirement? The answer in most cases appears to be “no.”
The elderly are falling short in almost every state, a new analysis of Census Bureau data says.
“Hawaii and Nevada are the only states where retirees are earning 70 percent of what the pre-retirement group is earning,” Mike Sante of Interest.com says.
Most personal finance advisers tell retirees they need about 70 percent of the annual income that they earned during their working years to maintain their living standards.
“What it means in today’s economy is that we’re just not saving enough for our retirement,” Sante says.
The average Social Security monthly payment is about $1,200, he adds, “so we better have other options.”
Copyright 2013 ABC News Radio
James Hanlon, CNN
Billy Hallowell, Deseret News
Wayne Drash, CNN