Millions of Seniors Cant Even Afford the Basics in Retirement — and It Could Get Worse – The Motley Fool

Going into retirement with a less-than-ideal nest egg can make your senior years much more difficult than they require to be. If you get in retirement with little to absolutely nothing squirreled away, possibilities are your cost savings will only last a couple of years. The issue with that, however, is that Social Security advantages aren’t created to be your sole source of income in retirement. Working longer has a double bonus offer because not only does it offer you more time to save, however when you’re spending less years in retirement, you will not need as large of a nest egg. Another choice to increase your retirement income is to postpone declaring Social Security advantages.

The issue with that, nevertheless, is that Social Security benefits aren’t developed to be your sole source of earnings in retirement. Working longer has a double bonus offer since not only does it provide you more time to conserve, but when you’re investing less years in retirement, you won’t need as big of a nest egg. Another option to increase your retirement earnings is to postpone declaring Social Security benefits.

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