When Social Security was first introduced in 1935, it was presented as a safety net for the unemployed, retirees, and other groups in need of a basic income. And to its credit, it's done just that. For many Americans, Social Security accounts for most, if not all, of their income.

As of Jan. 2024, the average monthly Social Security retirement benefit is expected to be around $1,907. It hasn't always been that high, though. Social Security benefits increase yearly (with some exceptions) thanks to the cost-of-living adjustment (COLA).

However, even with the COLA, there's one big issue with Social Security: It may not be enough.

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Source Fool.com