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Why save for retirement?
Because people are living longer. According to the U.S. Administration on Aging, persons reaching age 65 have an average life expectancy of an additional 19.3 years.* And since Social Security accounts for only about a third of total aggregate income for aged persons,** Social Security alone may not be enough to see you through your retirement years.
*source: NCHS Data Brief, Number 168 October, 2014
**source: Fast Facts & Figures About Social Security, 2014, Social Security Administration