Many seniors get a large chunk of their retirement income from Social Security. And for some, those benefits constitute all of their retirement income.

But living on Social Security alone isn't a great plan. Those benefits, for one thing, will only replace about 40% of your pre-retirement wages if you're an average earner, and most seniors need about twice that much income to maintain a decent lifestyle.

Then there's the fact that Social Security has long done a poor job of helping seniors keep up with inflation. That shortcoming has been especially evident this year given the way inflation levels have soared.

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Source Fool.com