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Millions Don’t Know This Key Social Security Fact
Social Security is so vitally important to the roughly 66 million who collect monthly retirement benefits. But Christy Bieber cites a recent survey conducted by Nationwide, noting just 54% of people are aware what percentage of their income will be replaced by Social Security. At about 40% of pre-retirement income, it’s far less than most think. The general rule of thumb is that maintaining your living standard in retirement will necessitate replacing at least 70% of what your earnings were while working. Full piece here.
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