3 Ways to Get Through Retirement on Social Security Alone
In an ideal world, you'd kick off retirement with a healthy chunk of money in an IRA or 401(k) plan -- specifically, around 10 times your ending salary. But what if you've missed the boat on that?
If you're nearing the end of your career and haven't managed to save much for retirement, there's probably only so much catch-up you can do. And that means you'll probably need to fall back on Social Security to cover your expenses.
Here's the problem, though. If you're an average earner, Social Security will only replace about 40% of your former paycheck, and that's assuming benefits aren't cut down the line. Most seniors, however, need a higher level of income replacement to maintain a decent lifestyle.
Source Fool.com
