Retiring on Social Security Alone in 2024? Here's What That Might Look Like.
One of the biggest misconceptions about Social Security is that those benefits are designed to replace workers' pre-retirement earnings in full. In reality, if you earn a typical wage, Social Security will replace about 40% of it, assuming benefits aren't cut in the future due to the program's projected revenue shortfall.
As such, it's not a good idea to plan to retire on Social Security alone. Rather, it's important to make an effort to build up a nest egg so you have income to supplement those benefits.
Not convinced? When you see what Social Security pays the average senior in 2024 and what the average older American spends annually, you might think differently.
Source Fool.com
