Here's What Your Retirement Income Might Look Like if You Only Have Social Security
Many seniors get a lot of their retirement income from Social Security. But those who fall back on those benefits without any other income at their disposal could end up in a world of financial stress once retirement rolls around.
If you're planning to retire on just Social Security and you're single, you may be forced to live on just $1,657 a month, or $19,884 a year. That's the average monthly benefit individual seniors are in line for come January of 2022, once Social Security's recently approved 5.9% cost-of-living adjustment takes effect.
If you're married and plan to retire on only Social Security, your monthly income might amount to $2,753. On a yearly basis, that's $33,036.
Source Fool.com
