Social Security is a program that millions of seniors rely on immensely. But if you're in the process of planning for retirement, it's important to have realistic expectations for the program -- and to realize that retiring on Social Security alone just isn't a good idea.

At the start of 2024, the average monthly Social Security benefit was $1,907 after recipients saw their payments rise thanks to a 3.2% cost-of-living adjustment. Now if you're someone who lives very modestly as a pre-retiree, then it may be possible to live on somewhere in the vicinity of $1,907 a month in retirement. But it's a situation that may also end up making you quite miserable.

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Source Fool.com