Don't Just Bank on Social Security. Here's How to Set Yourself Up for a Millionaire Retirement.
The average Social Security recipient today collects about $1,915 a month, or roughly $23,000 a year. If that doesn't seem like a lot of money, well, it isn't.
The reality is that many people falsely assume they can retire comfortably on Social Security alone. The fact is, those benefits will only replace about 40% of your preretirement income if you're an average wage earner. If you're a higher earner, your percentage of replacement income could be a lot smaller.
Image source: Getty Images.
Source Fool.com