Many older Americans depend solely on Social Security, but that may not be enough financially. With benefits potentially being reduced and taxable, retirees should not expect to live on Social Security alone, as it typically replaces about 40% of pre-retirement earnings. Many enter retirement unprepared and unaware of the limitations of the program. Thus, it’s essential to build additional retirement savings in order to maintain financial stability after leaving the workforce.
Your Social Security benefits might be cut, and relying solely on it for retirement could leave many older Americans financially vulnerable.
Social Security will only replace about 40% of your pre-retirement income, leaving a significant gap that needs to be filled with additional savings.
It's crucial to prepare for retirement with a solid financial strategy instead of assuming Social Security will meet your needs.
Relying solely on Social Security could lead to a significant lifestyle change post-retirement due to its limitations and potential tax reductions.
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