3 Reasons You Can't Count on Social Security Alone for Retirement

Social Security is an important income source for the millions of seniors who collect benefits during retirement, and while there's nothing wrong with factoring those benefits into your long-term financial plans, you shouldn't make the mistake of thinking those benefits alone will be enough to get you through your golden years. Here's why.

Minimum wage in the U.S. is $7.25 an hour, which means that if you work 40 hours a week, 52 weeks a year, you're taking home $15,080 in annual income -- not a whole lot. Well, it may shock you to learn that the average Social Security benefit isn't much higher. The typical senior today receives $1,503 a month in benefits. On an annual basis, that's $18,036. Granted, that still counts as being above the poverty line -- but it doesn't negate the fact that it's not a lot of money to live on, especially if you're used to earning a lot more than minimum wage.

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Source Fool.com