Is Social Security Really Going Broke?
Millions of seniors rely heavily on Social Security to make ends meet. Whether that's a good idea is another story.
Social Security will only replace about 40% of the average worker's pre-retirement income. And most seniors need about twice that much money to maintain a decent standard of living.
Of course, there's wiggle room with that formula. Higher earners who downgrade to a frugal retirement lifestyle might manage on less than 80% of their previous earnings. But for the most part, it's fair to say that seniors shouldn't expect to sustain themselves on Social Security alone.
Source Fool.com
