What Social Security Means to Me

I received my Social Security Statement today. That lovely little paper that lists "Your Estimated Benefits".

Here's the "wonderful" news that my statement offered:

If I stop working at age 62 (in 2015), I will receive approximately $13,920 per year. That's approximately $6.70 an hour -- about what I was earning 30 years ago!

The good news is that my current income is much higher than that. The bad news is that my standard of living is much higher than that too! So I need to either increase the amount of money available to me when I reach 62 by building my own retirement savings, or I'm going to have to learn how to survive on bread and water like the rest of the retired poor.

Fortunately I have a plan!

Did you know that 58% of baby boomer women have less than $10,000 in retirement savings?

If you're scared to retire, it's time to do something about it!

$ 9,408

$9,408.... $9,408!! That’s the average annual social security income received by women 65 years and older in 2004. $9,408 a year! That’s $784 a month. [Source: Social Security Administration]

Did you know that three out of every four elderly people who live in poverty are women? And that many of them weren't poor when their husbands were alive?

Nearly 80% of baby boomer women are not going to be financially secure in their retirement. Some of them will have to work until they're 74 because of inadequate retirement savings and pensions. Right now, 58% of them have less than $10,000 in retirement savings.

I’m one of those baby boomer women looking ahead to my retirement years and pondering those terrifying statistics. Many boomers face the prospects of being forced to live on less than half of what they struggle to survive on now. Are you scared to retire?

But here's what I found
I found Nussentials...

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