3 Sources of Retirement Income That Could Pay You More Than Social Security

Millions of seniors rely on Social Security to stay afloat during retirement, but those benefits only go so far in paying the bills. In fact, the average senior on Social Security today collects $1,519 a month. But here are a few income sources that could actually pay you a lot more money during your senior years.

The more money you save in your 401(k) or IRA, the more flexibility you'll have to take generous withdrawals during retirement. Say you manage to retire with $750,000. That's a lot of money, but a manageable goal if you save consistently throughout your career. If you follow the 4% rule for taking withdrawals from your savings, that will give you $30,000 a year, or $2,500 a month -- which is roughly $1,000 more than you might get from Social Security if you're an average wage earner.

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Source Fool.com