Additional Coverage:
- A retiree says $1,620 monthly Social Security isn’t enough to live on, but she’s worried about draining her savings too early (newsbreak.com)
Elizabeth McCoy, a 61-year-old retiree, is facing financial challenges despite having worked for decades. She worries that Social Security alone will not be enough to support her and her husband in retirement.
Medical bills have depleted her savings, leaving her reluctant to withdraw from their 401(k) account. However, she may have to use it sooner than planned to avoid potential bankruptcy.
McCoy’s situation highlights a common problem among older Americans: inadequate retirement savings and reliance on Social Security. With a fifth of adults over 50 having no savings, many face financial insecurity as they age.
McCoy advises younger people to prioritize saving and investing, not just in 401(k)s but also in cash, Roth IRAs, mutual funds, and CDs. She emphasizes the importance of being prepared for unexpected expenses that can derail financial plans.