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How Social Security fits into Retirement Planning - Investopedia
The average Social Security payment for those age 65 is just a bit over $1,600 per month. When you consider that the average 65 year old typically has needs about $2,400 per month of income, it’s easy to see a hard fact. – Social Security is a very important source of retirement income, but it was never meant to be the only source of retirement income. Other retirement income is nearly always needed, otherwise lifestyle changes may be required. This Investopedia article by Jonathan Ponciano describes this predicament, providing important information on how to improve your retirement income (including your Social Security income), and emphasizes how critical it is to properly plan for your retirement.