Could You Live on the Average Social Security Benefit in 2021?
Many people assume that once they retire, they'll manage to live on income received from Social Security. But will that really be the case?
If you're convinced you can manage on Social Security alone, consider this: In 2021, the average senior will receive $1,543 a month in benefits, factoring in the 1.3% cost-of-living adjustment (COLA) set to take place in the new year. Before that COLA, the average monthly benefit sits at just $1,523.
This just an average. It could be that you're entitled to a higher Social Security benefit than the typical senior based on your earnings history. If you're an average wage earner who expects to retire on Social Security alone, you may want to rethink that plan. Otherwise, you risk ending up cash-strapped later in life.
Source Fool.com
