3 Reasons You Can't Count on Social Security Alone for Retirement
When you picture yourself in retirement, you might imagine living a pretty frugal lifestyle -- one that your Social Security benefits are able to pay for. But in reality, retiring on Social Security alone is a dangerous move. Here's why.
The average senior on Social Security is in line for a monthly benefit of $1,657 in retirement come 2022. But in time, those benefits could get cut across the board.
Social Security is expected to spend more in the coming years than it collects in revenue as baby boomers stage a mass exodus from the labor force and too few workers come in to replace them. The program can tap its trust funds to make up that shortfall for a while, but by 2034, those cash reserves are expected to run dry. Once that happens, significant benefit cuts could be on the table.
Source Fool.com
