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24% of Workers Expect Social Security to Be Their Primary Retirement Income Source. Here's Why That's a Bad Idea

TheMotleyFool

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24% of Workers Expect Social Security to Be Their Primary Retirement Income Source. Here's Why That's a Bad Idea: https://g.foolcdn.com/editorial/images/719733/a-person-with-a-serious-expression-at-a-laptop_gettyimages-1295467817.jpg

Millions of seniors today receive ongoing benefits from Social Security. In fact, the average benefit as of early 2023 is $1,827 a month. That's not a small amount of money.

But while it's perfectly OK to factor Social Security in as a notable source of retirement income, you may want to think twice about having it serve as your main source. In a recent Transamerica survey, 24% of workers said they expect Social Security to be their primary retirement income source. And those who feel that way could be setting themselves up for disaster.

Image source: Getty Images.

Source Fool.com

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