Counting On Social Security in Retirement? Think Again.
Social Security is a significant source of income for millions of retirees. In fact, nearly one-quarter of workers expect their benefits to be their primary income source in retirement, according to a 2022 report from the Transamerica Center for Retirement Studies.
But Social Security was designed to replace only around 40% of your pre-retirement income. And in recent years, benefits have lost buying power and become less dependable. If you're planning to rely on Social Security in retirement, you might need to rethink that strategy.
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Source Fool.com
