The myth of living on Social Security income alone
Be concerned when you hear someone minimizing the importance of saving for retirement because they note they are going to get Social Security. A recent survey from Nationwide found 26% of older adults believe they can rely on Social Security as their only source of funds to live comfortably in retirement. Social Security began as a sort of anti-poverty program, but it was never meant to be anything more than a supplement to life savings and other income. Social Security only replaces about 40% of pre-retirement income, but experts says nearly twice that is needed to even be close to sustaining the standard of living one was used to while working. Read Christy Bieber’s full piece here about how a reliance on Social Security alone will leave you struggling.