Is It Possible to Retire on Social Security Alone in 2024?
The average Social Security retirement benefit in 2024 is $1,906 per month, which works out to $22,872 per year. Ideally, that money serves as a supplement to other sources of retirement income, like 401(k) withdrawals and dividends. But is it possible to survive on Social Security alone in 2024?
Social Security is only intended to replace about 40% of income for the average worker. But millions of retirees rely on Social Security for the majority, if not all of their income. Read on to learn about how many seniors are surviving on Social Security alone, as well as some options if you're heading into retirement years without much of a nest egg.
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Source Fool.com
