How Much Do You Rely on Social Security? - Yahoo! Life
As most of us know, Social Security was never designed to be a senior’s sole source of retirement income. Indeed, the program is intentionally crafted to provide only about 40% of a retiree’s pre-retirement earnings, with the remainder made up from savings, investments, and other private pensions. And since most financial advisors will say you’ll need at least 80% of your pre-retirement income when you retire, there is obviously a gap which needs to be filled for a comfortable stay in your golden years. What’s even more interesting is the extent to which nearly all Americans rely on Social Security in retirement. There are all kinds of statistics on this which, boiled down, mean that Social Security is a key part of every retiree’s income. This Yahoo! Life article by Anja Solum reveals the results of an updated annual study which show that those living in more affluent cities may be less reliant on Social Security than those in less-affluent areas, but that Social Security represents a significant portion of everyone’s retirement income, regardless of where they live. Click here to read more.