You'll often hear that saving for retirement is important for a multitude of reasons. Those run the gamut from ensuring you have enough money to live comfortably as a senior to maximizing tax breaks, at present.

Once you retire, you can expect Social Security to replace about 40% of your former wages. But that assumes a couple of things.

First, it assumes that you earn a pretty average salary. If you're a higher earner, Social Security might replace a much lower percentage of your pre-retirement income.

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Source Fool.com