How Do People Manage To Retire Without Millions of Dollars saved?

+1 vote
asked Dec 27, 2016 in Other-Finance by Lilly21 (57,780 points)

I've always heard that you shouldn't count on your inheritance because health expenses may take it all. I think the average American has something like 200k - 300k saved for retirement.

How do people manage to retire with much less than 200K or 300K saved?

With healthcare expenses costing so much I'd think a person needs millions saved in retirement fund to retire comfortably. 
 

1 Answer

0 votes
answered Dec 27, 2016 by Shawn (102,160 points)

One can live in retirement with as little as $30,000 per year or even quite a bit less. A person doesn't need millions to make it in retirement. 

Many people live on monthly social security checks plus some have savings that they accumulated while working.

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