1 in 5 Retirees Are Entirely Dependent Upon Social Security
Social Security is an important source of retirement income for most people, but it was never intended to replace personal retirement savings. Yet approximately 1 in 5 baby boomers and older retirees don't have any other sources of retirement income beyond Social Security, according to a Nationwide survey. That can lead to debt problems or financial dependence on children, which can threaten children's ability to save for their own futures.
If you're concerned about being unable to afford the cost of your retirement, there are steps you can take to shore up the situation. Let's look at a few of them below.
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Source Fool.com