Nearly $900,000 to Retire Comfortably? Here’s What Single Retirees Need to Know.

Retiring alone in America may be more expensive than many people realize.

According to an October 6 Investopedia analysis, the typical single retiree needs approximately $898,000 in savings to maintain a comfortable retirement.

The average single retiree spends about $59,600 annually, while Social Security provides roughly $23,700.

That leaves a gap of nearly $36,000 every year that must come from savings or other income.

And depending on where you live, the amount needed could exceed $1 million.

Why retirees should pay attention

When you’re retired, your savings aren’t just money sitting in an account.

They’re what you depend on to pay your bills for the rest of your life.

Annuities can help cover some of those expenses by providing regular income.

According to the analysis, receiving $1,000 per month from an annuity could reduce the remaining invested savings needed from approximately $898,000 to $598,000.

But there’s a catch.

You typically have to commit a portion of your savings to purchase that annuity first.

And depending on the contract, you may face withdrawal restrictions, fees, or limited access to your money.

The lesson: retirement isn’t just about how much you’ve saved

It’s about how much income your savings can provide, how accessible your money is, and whether it can keep up with rising living costs.

Ask yourself:

Will my retirement income be enough if everyday expenses keep increasing?

And:

Am I comfortable with how much of my savings is tied to traditional financial products?

For some retirees, diversifying a portion into physical gold and silver may be worth considering alongside other retirement strategies. Precious metals carry their own risks and do not provide guaranteed income.

You don’t necessarily need $1 million to retire. But you do need to understand your expenses, income sources, and how long your savings may need to last.

Have an Annuity?

Your Retirement Options May Not End There.

Talk through your options in a free, no-obligation strategy call with a Precious Metals Specialist.