Can you live on $2.40 a month interest plus Social Security?
The average retirement account balance is $12,000 for near-retirement households (National Institute on Retirement Security) and the average 1-yr CD rate is .24% (Bankrate.com). So invested as such this balance will generate $28.80 a year interest before taxes are paid. Scared? Remember this figure is a median, meaning half of Americans are in worse shape.
The Retirement Savings Crisis: Is It Worse Than We Think?
New NIRS research finds retirement savings are dangerously low, and the U.S. retirement savings deficit is between $6.8 and $14.0 trillion. National Institute on Retirement Security, www.nirsonline.org.