5 Social Security Numbers to Know in 2022
Social Security is an interesting program, and its specifics can change from year to year. Whether you think you'll file for benefits in 2022 or not, here are a few key numbers you need to know.
This is the average monthly benefit seniors on Social Security will receive in 2022. You'll notice, however, that this makes for an annual income of just under $20,000 -- and it shows that planning to live on Social Security alone isn't a great idea.
While the average monthly benefit does tend to change from year to year, one aspect of Social Security that doesn't change is that it's designed to replace about 40% of your pre-retirement income, assuming you're an average earner. Most seniors, however, need about twice that much money to maintain a comfortable lifestyle, which is why it's important to build your own retirement nest egg and not rely solely on Social Security.
Source Fool.com
