Social Security Won't Pay All Your Retirement Bills, but These Income Sources Can Help

It's a huge misconception that Social Security pays seniors enough to cover their expenses completely. In reality, those benefits will replace about 40% of the average earner's pre-retirement wages, and most seniors need somewhere in the ballpark of 70% to 80% of their former earnings to keep up with their bills.

Put another way, the average senior on Social Security today gets about $18,000 a year. If you're currently living on, say, $54,000 a year, you probably won't manage to get by on a third of that, even if you're willing to cut back on expenses.

That's why it's so important to have retirement income sources outside of your Social Security benefits. Here are a few to consider.

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Source Fool.com