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Why Everyone Must Rely Less on Social Security
Maurie Backman explains those who plan to rely on Social Security in retirement will likely both regret it and struggle financially. That’s because the program replaces only about 40% of pre-retirement income. Seniors generally need around 70% to 80% of their pre-retirement income to live comfortably. Further, benefits clould be slashed 20% or more unless Congress shores up the program before 2034. Lastly, health or other reasons might require one to claim earlier than full retirement age (now 67), which means a drastic cut in monthly payments. Read the full piece here.