3 Reasons I'm Writing Off Social Security for My Retirement

Social Security helps millions of seniors stay afloat financially, and chances are, it will be around for a long time, in least in some form, to do the same for future retirees. But I'm not factoring Social Security into my retirement plans, and here are a few specific reasons why.

Social Security, generally speaking, will replace about 40% of the average earner's pre-retirement income. But I happen to earn more than the average American.

According to the Social Security Administration's national wage index, the average wage in 2019 was $51,916.27, and my earnings currently exceed that threshold. But because they do, Social Security will replace even less than 40% of my pre-retirement earnings, and like many seniors, I expect to need a good 80% income replacement rate to live comfortably and do the things I hope to do once I'm no longer a full-time worker. As such, I know I'll need to rely much more heavily on my savings and other income sources (perhaps a part-time job) than on those benefits.

Source Fool.com