How Much of Your Retirement Income Will Come From Social Security?
Social Security benefits are supposed to replace around 40% of the income you earned while you were working. This means they aren't meant to be your sole source of support in retirement, with most financial experts recommending you'll need to replace 70% to 80% of what you made while you worked. And many seniors end up spending 100% or more of what they were earning prior to leaving work.
Unfortunately, millions of Americans lack pensions or have too little saved to supplement Social Security. Many are over-reliant on their benefit checks, with their quality of life likely suffering as a result.
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Source Fool.com
