How Many Americans Have Retirement Savings? The Answer May Surprise You.

Given the choice, most Americans would probably rather spend their extra money on entertainment, vacations, or home improvements than contribute to an IRA or 401(k). But without retirement savings, you risk struggling financially once your career comes to an end and you stop collecting a steady paycheck.If you're an average earner, you can expect your Social Security benefits to replace about 40% of your wages, assuming the program doesn't have to move forward with cuts. But it's typical for retirees to need 70% to 80% of their former income -- sometimes more -- to maintain the standard of living they're used to and do the things they've always wanted to do.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool