Is Social Security Really Going Broke?

Millions of seniors rely heavily on Social Security to make ends meet. Whether that's a good idea is another story.

Social Security will only replace about 40% of the average worker's pre-retirement income. And most seniors need about twice that much money to maintain a decent standard of living.

Of course, there's wiggle room with that formula. Higher earners who downgrade to a frugal retirement lifestyle might manage on less than 80% of their previous earnings. But for the most part, it's fair to say that seniors shouldn't expect to sustain themselves on Social Security alone.

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Source Fool.com