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How Big a Role Should Social Security Play in Your Retirement?
Social Security is still a huge part of U.S. workers’ retirement plans, but they aren’t happy about it. As a Bankrate survey points out, Americans are getting a bit more pragmatic about Social Security’s role in their eventual retirements. Just 13% expect it to account for all or most of their retirement income. Meanwhile, another 14% expect it to account for half their retirement income. About 25% believe they won’t get anything. That’s one in four firmly believing it just won’t exist by the time they get to their retirement….Looking ahead, it may not be such a bad idea to use that estimated 77% reduction in Social Security benefits in 2030 as a guideline you can adjust as the government takes (or avoids) action. Retirees can estimate just how much of a bite that will take out of their Social Security checks and save appropriately…Read More…