Retiring on Social Security Alone? Plan to Do This.
You'll often hear that Social Security won't pay you enough to maintain a comfortable lifestyle in retirement. And there's a fair amount of truth to that.
If you're an average earner, you can expect your monthly Social Security benefits to replace 40% of your pre-retirement wages. Most seniors, however, need roughly twice that much replacement income to cover their bills. Given the way inflation is soaring, it's easy to see why.
It's for this reason that workers are advised to start funding an IRA or 401(k) plan at a relatively young age and make steady contributions so they're able to retire with a healthy nest egg. But what if that ship has sailed?
Source Fool.com
