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You’ll need more than just Social Security to retire comfortably
This isn’t exactly breaking news, but if you’re planning on Social Security being your sole source of retirement income you’re in for a very unpleasant surprise. At the very most, Social Security will make up only about 40% of what you’ll need in your golden years, and that means that the remaining 60% needs to come from elsewhere. That “elsewhere” may be your 401(k) or other savings plan, or perhaps from taking on a new career after you retirement from the mainstream, but rest assured you can’t make it on Social Security alone and stay above the poverty line. In this Motley Fool article, columnist Maurie Backman explains that only a small percentage of “baby boomers” expect most of their retirement income to come from their savings, which may mean that far too many plan to depend upon Social Security as their main source. Click here to read more.