Retirees Face $2,300 Monthly Shortfall
Update: 2025-12-24
Description
Retirees often face a shocking reality: their average annual expenses amount to $60,000, with significant portions going to housing, healthcare, food, and transportation. However, many lack sufficient savings, with a median 401(k) balance of $210,724 for those aged 60-69, only providing $702 per month with the 4% withdrawal rule. Adding the average Social Security check of $1,976 still leaves a shortfall of $2,322 per month. This gap widens as balances drop in the seventies, highlighting the need to bridge the gap through maximizing contributions, delaying Social Security, cutting back on extras, or rethinking budgets.
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