Social Security Won’t Be Enough To Live On - Crossroads Today
Social Security was never intended to be your sole source of retirement income. Indeed, the average Social Security retirement benefit is about $1666 per month, and the average couple’s combined benefit is about $2739 per month, hardly enough to make ends meet, especially with today’s soaring inflation. So, how do you plan for your retirement knowing that you’ll need additional sources of income in your golden years? Well, start by trying to estimate what your cost of living in retirement will be, even though that may be some years away, and then tally up how much of that Social Security will satisfy. What’s left is what you’ll need to find other sources of income for, and that might be savings, investment returns, or perhaps a private pension or annuity. Depending on how far into the future you’re looking, this can be a challenging exercise, but one you should undertake sooner rather than later. And, of course, knowing what you’re likely to need in retirement will help you decide when to claim your Social Security benefits (and when you claim greatly affects how much you will get). All of this is discussed in this Crossroads Today article by Kailey Hagan. Click here to read more.