Do you feel pressure to save $1 million or more for retirement? Do you break out in a cold sweat when you look at your retirement savings account and see you’re far from your goal? Well, don’t feel so bad. There are plenty of other people out there who don’t retire with $1 million, and they’ve made it work. In fact, workers only manage to save a median of $69,000, according to Transamerica Center for Retirement Studies.
The good news is with careful planning you can make living on less work for you, too. Here’s why $1 million is more than enough for retirement.
Some retirees are able to survive on just Social Security
Although there’s no guarantee Social Security will be available to you once you finally retire, some retirees are able to live on just their benefits. Believe it or not, roughly 21% of married seniors and 43% of single seniors rely on Social Security for 90% or more of their income, according to the Social Security Administration. One retiree, 65-year-old Barbara Woodruff, told Grandparents.com that she has been able to live on just Social Security since her retirement at the age of 62.