Social Security is a great benefit for retirees. Unfortunately, benefits are not enough to live on. Yahoo Finance recently shared this article explaining why you should not rely on Social Security in your retirement years. Here are some of the key takeaways:
- Planning for retirement is essential. Instead of just hitting retirement age and hoping for the best, using The 80% Rule helps you better understand how much income you will need.
- The numbers don’t line up. Retiring on Social Security will not get most seniors over the income threshold needed to live comfortably.
- It’s important to have more than one source of retirement income. Ensuring that you have other savings, workplace retirement payouts, etc will help your retirement income reach the level needed to live on.
Social Security benefits are clearly not enough for most Americans. Even the annual COLA does not go far enough to address the problem. We want to change that. See what we are doing to help here.