Many seniors depend on Social Security for retirement income, but the benefits are often insufficient. The average payment is less than $2,000 monthly and only replaces about 40% of pre-retirement income. To ensure financial security in retirement, individuals should also rely on other income streams such as 401(k) distributions or rental income. In retirement planning, it's crucial to save independently to avoid drastic cuts in living standards since Social Security alone won't provide a comfortable living.
The typical senior on Social Security gets less than $2,000 a month, and it only covers about 40% of pre-retirement income.
Relying solely on Social Security for retirement income may lead to significant financial hardships due to its limited monthly benefits.
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