If you're an average wage earner, you can expect your monthly Social Security benefits to replace around 40% of your pre-retirement earnings. So if you were to retire on Social Security alone, you'd basically be looking at a 60% pay cut.

Even if you're a frugal person by nature, that may not be doable -- or desirable. After all, retirement is supposed to be a fulfilling period of life. But how are you supposed to enjoy yourself when you're worried about money all the time and don't have any spare cash to do the things you've always dreamed of?

That's why a much better bet is to not plan to retire on Social Security alone, but rather, find ways to supplement those benefits. Here are a few options in that regard.

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Source Fool.com