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One Cannot Live on Social Security Alone
The Social Security program was never intended as a retiree’s sole source of income. Indeed, the program is intentionally designed to provide only about 40% of a person’s pre-retirement income, and most financial advisors will counsel retirees that they will need at least 80% of their preretirement income to live comfortably. But how does one fill that retirement income gap? Well, obviously, you need to create other income sources such as a 401(k), IRAs, pensions, annuities, or simply cash savings to supplement your Social Security benefits in retirement, as discussed in this Motley Fool article by Stefon Walters. Click here to read more.