Millions of retired Americans rely on Social Security to make ends meet once they're no longer working and earning a paycheck. Even though the average retiree was only collecting $1,907 a month at the start of 2024, that income is crucial for many older Americans today.

But Social Security is facing a major financial shortfall that could put its ability to pay benefits at risk. And that's something current and future retirees alike need to be aware of.

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Source Fool.com