2 Big Reasons You Can't Rely on Social Security During Retirement
Social Security benefits make up about a third of the average retiree's monthly income, according to the Social Security Administration. But close to half of unmarried beneficiaries rely on Social Security for at least 90% of their income.
It certainly makes sense to take Social Security into consideration while you're planning for retirement. In fact, Social Security benefits are designed to replace roughly 40% of your income during retirement. But if your retirement fund is smaller than you'd hoped and you're planning on relying on Social Security to make ends meet, you may be in for a rude awakening. There are two major reasons you shouldn't rely too much on your benefits during retirement.
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Source: Fool.com
