How to Boost Your Retirement When Social Security Only Covers 40%

The great thing about Social Security is that it's set up to pay you a monthly benefit for life. The not-so-great thing about Social Security is that the benefit you collect generally won't be enough for you to live on by itself.

If you're an average earner, Social Security will replace about 40% of your income once you retire. Most seniors, however, are told to plan on needing 70% to 80% of their former earnings to maintain a decent standard of living. If we follow that line of thinking, then clearly Social Security falls short. And given that, you may want to take these steps to boost your senior income as a whole.

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Source Fool.com