Retiring in a big city? You may need $1.6M to live comfortably

Social Security is supposed to replace about 40% of the income earned in working years, according to the federal agency. That’s why Americans are urged to save for retirement.

For retirees in big cities, however, Social Security dollars may not even go that far.

In large U.S. cities and their suburbs, Social Security income covers only around 30% of what the average retiree spends in a year, according to a new analysis from the personal finance site LendingTree.
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