Latest News
Does Social Security cover 40% of retirement expenses? - Financial Press
As we have explained many times at the AMAC Foundation’s Social Security Advisory Service, Social Security was never meant to provide 100% of retirement income. In fact, it was intentionally designed to replace only about 40% (or less) of each beneficiary’s pre-retirement. So those who retire must typically find another source of income to be financially comfortable in retirement. But financial comfort in retirement also depends on where you choose to retire. This article published by the Financial Press explains how far the 40% of you Social Security replacement income will go in various U.S. states. Depending on where you retire, the 40% income replacement factor provided by Social Security may actually cover an equivalent percentage of your monthly costs, but in others it does not. Read this Financial Press article to see how far the 40% factor provided by your Social Security benefit goes where you live.