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Social Security not meant to be your primary retirement plan
When it was originally conceived and enacted back in the 1930’s, Social Security was a social program that protected only poor and low income workers from living out their older years in poverty. Then, in 1939, protection for survivor’s and dependent’s of deceased workers was added to the program, and in 1956 the program was again extended to include workers who became disabled before they reached their retirement age. What it was never intended to do was become the primary retirement plan for older Americans - but it has nevertheless morphed into being exactly that for a a large percentage of beneficiaries. As this Motley Fool article by Sean Williams explains, Social Security now represents at least half of their retirement income for about 64% of recipients, and about 34% of Americans rely on it for more than 90% of their money in retirement. Click here to read more.
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