Retiring on Social Security alone is generally a bad idea. Those benefits will only replace about 40% of your pre-retirement wages if you earn an average salary. And that assumes benefits aren't reduced substantially down the line.

Because Social Security is facing a financial shortfall, seniors might have to deal with benefit cuts if lawmakers don't find a way to pump more revenue into the program. So it's definitely wise to make a plan to supplement those benefits.

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Source Fool.com