Social Security Cuts May Be Coming. Here's How to Protect Your Retirement
Raise your hand if you're planning on relying on Social Security benefits during retirement. If so, you'll likely be among the 50% of married retirees (or 71% of unmarried retirees) whose Social Security benefits make up at least half of their income during retirement. Even scarier is the fact that 23% and 43% of married and unmarried retirees, respectively, count on Social Security for at least 90% of their income.
Now, it's not necessarily a bad thing to rely on Social Security. In fact, the Social Security Administration suggests that people plan for their benefits to replace up to 40% of their income during retirement.
The problem arises when you depend too much on Social Security -- and that problem could get worse in the not-too-distant future.
Source: Fool.com
