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Money Minute
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Ariel's Number of the Day Is $1,400
Money Minute
Retirees shouldn’t depend solely on Social Security.

$1,400 is how much money the average retiree receives each month from Social Security. That works out to be $17,000 a year and that’s not enough for a comfortable retirement.

To be fair, Social Security was only intended to play a supporting role — it was never meant to be the main source of our retirement savings. These days, most of us will want to be take matters into our own hands. If you’re still working, you can contribute up to $19,000 a year into a 401(k) plan. If you don’t have access to a 401(k), you can still open your own IRA and contribute a maximum of $6,000 a year. The key is to take action and start today.

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