Piggy bank and fortune cookie: retirement savings

How Important Are Retirement Savings? very, verrrry, VERY!!

How important is saving for retirement? The Social Security Administration’s new study makes the answer pretty clear: very.

The biennial “Income of the Aged” report released this spring examines the retirement income of more than 34 million households, married and single, to produce a financial snapshot of those 65 and older in 2014, the most recent available data.

• Savers have nearly doubled the annual income in retirement than nonsavers.
• When a household is reduced to one person, income may decrease dramatically.
• Income often decreases as a household ages.

Click here to read more about why savings now matter, especially for women.