Social Security Replacement Rates
Most experts say that in order to maintain the same quality of living in retirement that you experienced while working you would need to maintain 70% of your previous income. Social Security is generally expected to make up 40% of this, leaving the last 30% to your personal savings and investments. However, a new study released this month shows that Social Security actually provides up to 60% for most people. This builds a case against the argument for expanding or increasing Social Security according to AEI. For more information on this subject, visit this article by Andrew Biggs with The American Enterprise Institute.