The Importance of Realizing Social Security is Only a Safety Net - The Motley Fool
Inflation is causing Social Security not to go as far as it used to. Unfortunately, not everyone was able to save for retirement. More people are now relying heavily on their retirement accounts. Their savings, 401(k)s, IRAs, brokerage accounts, etc. Others without savings have had to go back to work or keep working to offset their Social Security benefits.
Social Security was never meant to be your only financial source for retirement, but now more than ever before, starting to save for your retirement early is more important than ever. Once prices go up, they tend not to go back down. Inflation is expected to rise by 3% by the end of 2025, while the cost-of-living increase is estimated to be 2.7%, possibly 2.8%.
The following article by Reuben Gregg Brewer offers some suggestions for stretching your Social Security benefits. Read the article here …
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