There are seniors today who basically live on Social Security alone. But you can bet that many people in that boat are struggling financially.

The problem with Social Security is that it will only replace about 40% of your pre-retirement wages if you're an average earner. But most people simply can't afford a 60% pay cut.

It's really hard to live on just 40% of the income you're used to given the cost of things like food, transportation, healthcare, and housing. So if you want to avoid financial struggles in retirement, your best bet is to go in with some money saved up.

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Source Fool.com