Without retirement savings, you risk struggling financially during your golden years. That’s because Social Security isn’t designed to sustain seniors by itself. If you’re an average earner, those benefits will replace about 40% of your preretirement income, and most seniors need somewhere in the ballpark of twice that amount to maintain a decent standard of living. Therefore, unless you’re privy to a nice pension, you’ll need personal savings on top of your Social Security income. That’s where IRAs and 401(k)s come in.

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