3 Reasons You Can’t Bank on Social Security Alone for Retirement
In case you didn't hear the news, Social Security recipients aren't getting a very generous raise for 2020. The upcoming cost-of-living adjustment (COLA) amounts to a paltry 1.6%, which is only slightly more than half of what 2019's COLA looked like.
But while many seniors are no doubt stressing out over this update, for some -- namely those who don't rely so heavily on Social Security -- it's probably no big deal. That's because seniors with multiple income streams can tap sources outside of Social Security to pay the bills, and their ability to keep up with rising costs doesn't hinge so heavily on annual COLAs. If you're not planning on different income streams in retirement, here are a few reasons to rethink that plan and stop assuming that Social Security will suffice on its own.
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Source Fool.com
