Here's What Gen Xers Have Saved for Retirement. How Do You Compare?
Social Security could end up being an important source of income for you in retirement. But can you retire on those benefits alone? Probably not.
Social Security will generally replace about 40% of your income if you're an average wage earner. And that assumes benefits don't get cut within the next decade and a half, which, as of now, is a distinct possibility.
Most seniors need a lot more than 40% of their former paychecks to live comfortably. So it's important to save for retirement on your own so you're able to supplement your Social Security income nicely.
Source Fool.com
