Lower-income workers face a big challenge for retirement
Article Excerpt: "...retirement gap − the risk of not having enough money throughout retirement to cover typical spending − is widest among late baby boomers in their early to mid-60s, who have low-paid to middle-income jobs, according to new retirement readiness research. The challenge? This group − who likely could be living paycheck to paycheck now − typically will need nearly as much money to cover their bills in retirement as they do while they're working and collecting a paycheck. But their Social Security checks and other savings might only enable this group of lower-paid workers to cover less than two-thirds of their pre-retirement spending, according to Fiona Greig, global head of investor research and policy at Vanguard. ..."
Resource: www.usatoday.com