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Can You Retire on Just Social Security?
Social Security provides a decent foundation for most Americans’ retirement plans, but like any foundation, it doesn’t provide much in the way of overhead coverage. According to the Social Security Administration, the typical retiree receives about 40% of his or her average pre-retirement income from Social Security. If you’re a high earner, the program replaces even less. The average retiree received $1,331 per month from Social Security in February 2015. Unless you’re still working or you take advantage of a once-in-a-lifetime do-over option, once you start collecting, your benefits are essentially set in stone for the remainder of your life. They increase only in-line with the official inflation rate – an inflation rate that may not really keep up with seniors’ costs. Read more…
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