For Gen Xers: Don’t Rely Too Heavily On Social Security
In this Motley Fool article by Maurie Backman, the author laments that far too many “Gen Xers” – that group of Americans born between 1965 and 1979 – rely too heavily on Social Security in their retirement planning. And this concern is with good reason, because Social Security was never intended to be more than 40% of the income which will be needed in retirement. Most financial planners will advise that you will need about 80% of your pre-retirement income in your golden years ((which is true for all beneficiaries, not just Gen Xers). So if Social Security only provides about 40%, obviously another source of retirement income will be needed. Which means, the article concludes, your savings will play an equally important role in your retirement comfort. Click here to read Maurie Backman’s piece on the risk of over-reliance on Social Security.