How Much Will Social Security Pay You? - Motley Fool
It may sound trite, but you cannot live on Social Security alone – or, at least, you cannot live comfortably on Social Security only. Most financial experts will say that you will need about 80% of your pre-retirement income to live comfortably after you hang up your work clothes, and those same experts will also explain that, at most, Social Security will provide only about 40%. Trouble is, too few Americans actually use a professional financial expert to help plan their retirement, and most Americans have no idea how much Social Security will contribute to their post-career comfort. In fact, a recent survey revealed that nearly half of all Americans had no idea how much Social Security will add to their retirement income. Fortunately, your estimated Social Security benefit information is fairly easy to obtain from the Social Security Administration by simply asking for it (either online or by direct contact), but how to fund the remainder of what you’ll need in retirement is a bigger challenge, as discussed in this Motley Fool article by Maurie Backman. Click here to read more.