Social Security benefits are meant to replace around 40% of pre-retirement income for most seniors. Taking a 60% pay cut would mean dramatically scaling down your living standard. And, even then, it might be hard to bankroll your retirement with Social Security alone.

You can, however, take steps to increase your monthly retirement checks to ensure your benefits pay for as much as possible in your later years. Here are three strategies to implement if you're hoping to rely primarily or solely on Social Security to fund your lifestyle after paychecks stop.  

Image source: Getty Images.

Continue reading

Source Fool.com