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Can You Live On Social Security Alone? - Motley Fool

Unfortunately, some Americans are actually doing just that. But Social Security was never intended to be one’s sole source of income in retirement and, unless retirement income is supplemented by another source, living on Social Security alone is going to be a pretty uncomfortable existence. Which is why all financial planners will advise you to save diligently for the future, starting early in your career. A sizable nest egg will be an important barrier against living your golden years near the poverty level, as will other income sources such as a pension and/or investment returns. Fact is, Social Security will, at best, provide only about 40% of your pre-retirement income, so unless you’re okay with living on 60% less money in retirement, start planning now for how to fill that gap, as suggested by Maurie Backman in this Motley Fool article.

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