Retirees: Social Security Benefits Are Replacing Less Income
Social Security benefits aren't an adequate source of retirement income without additional savings to support you. There's a simple reason for that: They replace a pretty small percentage of your pre-retirement earnings.
Unfortunately, that percentage is rapidly shrinking. According to the Center for Retirement Research, Social Security replaced about 41% of pre-retirement income in 1995 after accounting for Medicare premiums and taxation of benefits. But by 2035, that number will be down to just 29%.
Below, you'll learn about three factors that are contributing to what could be a disastrous reduction in retirement income for those who rely on Social Security.
Source Fool.com