Didn't Max Out Your 2021 IRA? Here's Why You Shouldn't Sweat It
You can't rely on Social Security alone to pay your bills in retirement. Those benefits are designed to replace about 40% of the average earner's pre-retirement wages.
But seniors typically need a lot more money than that to live comfortably. And so retiring on Social Security without any other income source is a plan that could backfire in a very bad way.
To avoid financial struggles in retirement, it's a good idea to sock money away consistently in a dedicated savings plan. And if you don't have access to a 401(k) through your employer, then funding an IRA is a smart bet.
Source Fool.com
