Can you live on Social Security alone?
Social Security plays an essential role in the financial plan of nearly every American retiree. In fact, for about 64% of beneficiaries, Social Security represents at least 50% of their total annual income, and for some it represents more than 90%. Indeed, Social Security was never meant to provide more than 40% of retiree income. But when you consider that the average recipient in 2018 will receive about $1404 per month from Social Security, it’s pretty easy to see that most people will need more than that to survive in retirement. This highlights the critical need for ramping up your savings while you’re still working, as this Motley Fool article by Maurie Backman points out. Click here to read more.