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Where does Social Security fit in your retirement plan? - Yahoo! Finance
If you’ve worked over your lifetime, you can likely expect to receive Social Security benefits when you eventually retire. And that is surely a good thing. Indeed, about 94% of those who now collect Social Security say that it is a key part of their retirement income. But, will Social Security be enough? Probably not, since it was never intended to be your sole source of income.
At best, you can probably count on Social Security to provide about 40% of your pre-retirement income. But, since most financial advisors say you will likely need at least 80% of your preretirement income, that will mean you must have another source of income in retirement to be financially comfortable. The solution, of course, is saving and investing well before you retire and using those savings to supplement your Social Security income after retirement. In other words, as this Yahoo! Finance article by Maurie Backman explains, don’t set yourself up to be too reliant on Social Security during your golden years. And be sure to know how much Social Security you will be receiving, by creating an online “my Social Security” account before you retire. Click here to read more.