Will the 2.8% COLA make a difference for you?
On the heels of the announcement that Social Security recipients will get a 2.8% raise in 2019, this Motley Fool article by Maurie Backman explains what that increase means to the average beneficiary, but also reveals that Social Security shouldn’t be viewed as your primary source of retirement income. Fact is, it was never designed or intended to do more than just supplemental one’s retirement income by providing only about 40% of what retirees need to live on. The remaining 60% should come from savings and some other form of retirement funds such as a pension or 401(k) plan. As the article explains, while Social Security will surely be an important retirement resource, it should not be the only source, and your retirement plan should reflect that reality. Click here to read more.
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