Social Security is the most important resource for most people's retirement financial plans. It provides guaranteed income that can be a cornerstone for retirement cash flows, but is Social Security enough on its own? The answer is different for every household, but there are important factors to consider so you can answer the question for yourself.

The poverty threshold is an official metric that's tracked by the U.S. Census Bureau. In 2024, the Bureau indicates that the average single-person household needs at least $15,060 of income to live above the poverty line. The threshold is $20,440 for two-person households.

For comparison, the average Social Security check in 2024 is around $1,760 per month, which translates to $21,120 annually. The maximum monthly benefit is $4,873, or $58,476 annually.

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Source Fool.com