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Can You Live on 40% of your Income? - Nasdaq

The answer, of course, is likely not. Reality is that Social Security, an integral part of nearly everyone’s retirement plan, was intentionally designed to replace only about 40% of your pre-retirement income. And for many, especially those with higher income before retirement, the replacement percentage is even less. The 1983 changes to gradually increase the full retirement age (FRA) also had an affect on replacement percentages which still affects beneficiaries today, as will any future changes to Social Security’s FRA. The message? You almost certainly won’t be able to live comfortably on your Social Security benefits when you retire, so maximize your savings early and build a bigger nest egg to ease the financial strain during your golden years. Social Security can help, but can’t do it all. This Nasdaq article by Christy Bieber explains.

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